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EDITORIAL

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There is always a list of excuses for not doing something in Cyprus; some may have merit, others not. The point is that the reflex is always to keep the status quo, on which the ‘nice little earner’ corrupt practices depend. Apart from all this, what is far more worrying is the way the government is giving serious time and attention to the idiotic notion that no one who cannot/will not settle their bank debts should be protected from losing their primary residence. It has always been the case in contract law that debtors run the risk of losing their collateralised assets should they fail to honour the repayments. So, why do a lot of Cypriots believe that this fundamental principle should not apply to them? It is childishly naïve in the extreme to believe that you can borrow large sums, not be responsible for repaying them and not bear a heavy penalty if you fail to repay. And why, pray, should any responsible government even give ten seconds’ thought to such lunacy? No wonder the Troika is being uncooperative on this one. Ergo, will the government fail to obtain its next bail-out tranche? Why have we not yet seen one of the major developer defaulters being liquidated by one or more banks? Perhaps we are seeing the prize turkey being basted ready for the oven, with several different strands of alleged financial wrongdoing being touted and now a criminal investigation into one of them announced. It does rather look like a certain developer is being prepared for being the sacrificial lamb, or is it goat? Unfortunately we cannot turn the clock back to the halcyon days when money in Cyprus grew on trees and no-one was called to account for not paying their debts. People have to realise that if they borrow money they have an obligation to repay the lender – or face the consequences (which may

include the seizure and sale of their property). As for the privatisation of auctions, Cyprus has agreed to this in the Memorandum of Understanding with the Troika – paragraph 1.28: “The legal framework in relation to foreclosures and the forced sales of mortgaged property will be amended in consultation with the EC and the IMF and informing the ECB and the ESM, and adopted by end-June, with immediate effect for all mortgaged properties except primary residences (for which provisions will enter into effec8t by end-December, in line with the adoption of the insolvency legislation), to allow for private auctions to be conducted by mortgage creditors, without interference from government agencies.” The government could (try) and introduce a scheme whereby home-owners become tenants paying rent until they recover with the rent being deducted from their outstanding debt. But there is a problem if the likes of major developers set themselves up as auctioneers as well. Hopefully, the lunatics running the asylum will recognise this potential problem and put legislation in place to prevent it.

THE FINANCIAL MIRROR THIS WEEK 10 YEARS AGO

Football TV rights and beer wars

The football TV rights are being contested by LTV’s Nova platform and Cyta’s miVision, while another battle is also brewing, this time between the beer giants as Loel is trying to break into the market with the Greek Mythos imports, the Financial Mirror reported in issue 581, August 4, 2004. Football clashes: Multichoice/LTV and CYTA are headed for a major clash over the local television rights in a bid to gain more subscribers for their NOVA Cyprus and miVision pay-TV channels. CYTA has approached major clubs Omonia, Apoel and Anorthosis for the right to transmit all their home

20 YEARS AGO

Louis expands overseas, BOCY factoring in Greece Travel giant Louis said it had plans to expand into the Bulgarian market by submitting a bid for the country’s biggest state-owned tour operator, while Bank of Cyprus partnered with Alpha Credit Bank to start a factoring/invoice collection service in Greece, the Cyprus

games, throwing in the additional sweetener fo a sponsorship deal that could run into several million pounds. LTV, on the other hand, believes that its deal with the Cyprus Football Association (KOP) running through to 2008 is perfectly legal and its previous support to all the local football clubs will shield it from a mass exodus by the most popular clubs to miVision. The Multichoice board is so confident of its business plans that it is dishing out a cash bonanza of CYP 8.1 mln to shareholders. Beer battle brews: LOEL, the drinks and spirits division of the recently amalgamated Laikon Group, has reignited a beer war that started when the island’s rival breweries KEO and Carlsberg introduced alternative labels last year. Mythos, the second largest brewery in Greece and a division of the Boutari Group, has launched its own brand in Cyprus through LOEL, with the aim of achieving a similar market share to the 14-15% it now commands at home and will be

sold at the same price as the local brews. Ph Photiades/Carlsberg successfully launched its Leon brand last year by reviving the oldest label in Cyprus, while KEO introduced the alternative ‘Five’. Leon initially aimed to capture a 2% market share, where the Carlsberg/KEO split had traditionally been in the 50/40 range and the remaining 10% left for imports. CSE ‘no’ to GLC: Global Consolidator’s application to list in the CSE Main Market will probably be rejected as the stock misses the minimum profitability criteria and its market cap is below CYP 9 mln. GLC reported continued losses of CYP 40.5 mln, 7.7 mln and 3.6 mln successively since 2001, with H1 losses in 2004 alone estimated at CYP 1.2 mln. CAIR job cuts: Cyprus Airways presented (yet another) strategic plan to the government designed to help the ailing national carrier return to the black in 2006, with 700 redundancies, an overhaul of routes, and selling of an Airbus A320.

Financial Mirror reported in its issue 72, August 10, 1994. Louis in Balkans: The Louis Organisation is among the three leading candidates interested to acquire a majority stake in Balkantourist, the largest state-owned tour operator in Bulgaria. Other hopefuls for the 51% stake are TUI of Germany and Inghams of the UK, with staff taking a 20% stake and the rest remaining with domestic investors. BOCY in Greece: Bank of Cyprus said it has partnered with Alpha Credit Bank to set up a joint venture to provide factoring services in Greece, the first of its kind in the country

and expected to be operational in a year’s time. Only NBG and Ionian have expressed an intention to start their own services. BOC Factors has built up a CYP 100 mln debt portfolio and is the leader in the local market. Woolworths profits: FW Woolworth increased its first half sales by 20%, as total group sales, including all three department stores has already passed the CYP 22 mln mark, according to chairman Nicos Shacolas. Coops are top: Cyprus Cooperatives are ranked top in the world compared to size of population, with 450 outlets and deposits of CYP 1.5 bln, increasing at an annual rate of CYP 100-120 mln a year, said its Director Erotokritos Chlorakiotis.

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FBME Cards lays off staff JCC resumes monopoly as clearing house FBME Card Services (FBMECS) announced the redundancy of 70 of its 105 employees on Monday following the suspension of the company’s business since last Thursday. The company said staff “will receive their full entitlements from FBME in the August payroll plus in due course their compensation payment from the government.” Merchants have been left in limbo over the inability of the authorities to allow the only alternative card clearing house to operate, after its primary bank, FBME Bank, was placed under administration by the Central Bank of Cyprus following allegations of money laundering by the US Treasury’s watchdog FinCEN unit. FBMECS said it “sincerely regrets that this situation has been forced on it” because of its inability to operate which, in turn, is due to the disruption to payments since the Special Resolution measures were imposed on the Cyprus branch of FBME Bank Limited. It deplores the impact on these members of staff, their families and associates. The card services, operating under the trade name IMSP, had struggled to grow its market share which had been contained at about 4%, compared to the dominance of banksowned JCC Payment Systems. FBMECS said it has been faced with an impossible situation. Remaining employees will be retained to run the company in its suspension, hopefully with a view to rebuilding operations. The company was formed in 2002 to compete in the Cyprus and European markets, offering local customers a competitive choice to the only other local provider, JCC Card Services. Prior to the suspension FBME Card Services delivered a comprehensive range of card related products, offering services to partners, merchants, banks and cardholders around the world. No other company has shown interest to step in to fill the vacuum. A Central Bank spokesperson told the Financial Mirror that the issuing and/or acquiring of payment instruments requires approval from the Central Bank of Cyprus, but the complexity of the procedures involved and the necessary documentation, including activity report and business plan, were such that it was not possible to submit and approve

such a request in such a short period of time from the date of the suspension of FBME Card Services Ltd to date. Last week, a court rejected the injunction order sought by Tanzania-based FBME Bank to prevent the sale of its local branch operations by the resolution authority, that was appointed in order to protect the interest of depositors and customers. The Central Bank said on Friday that the bank’s administration was decided after the failure of correspondent banks to conduct transaction following a US Treasury Dept. listing of the bank branch as a potential money launderer, and not directly at the request of the Treasury’s FinCEN service. According to a decree issued on July 21, the resolution authority appointed Dinos Christofides as Special Administrator to undertake the day-to-day running of the bank and also the sale of FBME Bank’s Cyprus branch, but no other subsidiaries, such as the IMSP credit card clearing house that had a 4% market share, but suspended operations last Thursday. IMSP had announced two weeks earlier that due to controls imposed by the Central Bank on its primary bank, FBME Bank, and the freezing of transactions by all overseas correspondent banks, it could not provide clearing services or collection on the part of its merchants, hampering the already troubled retail sector. However, it said it would continue to settle all due to merchants and other providers. JCC Payment Systems, 75%-owned by the Bank of Cyprus together with Hellenic Bank and the local subsidiaries of three Greek banks, commands the remaining 96% of the market and is now expected to become a monopoly once again, with the blessing of the Central Bank and the Competitions Protection Commission (EPA). Officials at the independent Commission could not be reached for comment. FBME Bank customers are frustrated by the whole situation, with the Financial Mirror receiving several complaints that they had no access or limited access to their accounts and that some could not pay rents, utilities, or other bills.

Weak banking, NPLs, poor public finances hamper Cyprus sovereign A weak banking sector and slow recovery of non-performing loans, risks related to public finances and poorer households continue to impair Cyprus’s sovereign creditworthiness, Moody’s Investor Service said in a market report issued on Wednesday. Despite recent encouraging statements from all other rating agencies that the island’s near-bankrupt economy was on a path to recovery, Moody’s also does not see any “meaningful” recovery for another two years. It said that the Caa3 rating with a positive outlook reflects the ongoing credit risks relating to the sustainability of the country’s public finances, as well as the resulting elevated risk of default in the medium-term. Moody’s said that that the main challenge facing the Cypriot authorities is helping the banks deal with their high percentage of non-performing loans (NPLs), currently at 45% of all loan portfolios, one third of which represent household loans. On the fiscal side, the primary deficit has narrowed from 3.2% of GDP in 2012 to 2.0% of GDP in 2013, which is below the target set under the Troika’s economic adjustment programme. In addition, the government recently improved its debt-amortisation profile by repaying early a bond due to mature in 2017, thanks to the proceeds raised from international markets. However, Moody’s said that historically high indebtedness and decreasing incomes have stretched Cypriot households’

creditworthiness over the last few years, and whilst costcompetitiveness has improved, it has not translated into stronger export performance. As a result, Moody’s considers it unlikely that there will be any meaningful economic recovery before 2016. While the 2013 economic contraction was more benign than expected, the recession could be more protracted in the context of high unemployment, reduction in wages, erosion of savings, and the restructuring of the banking sector. The national authorities and the Troika are currently addressing the challenge of how the country can help deal with the high percentage of NPLs within Cyprus’s banking system. Furthermore, Moody’s regards banking sector risk as “very high”, primarily because of the low baseline credit assessments assigned to rated banks in the system and also because of the significant size of the banking sector, as defined by total assets as a percentage of GDP, which stood at around 485% of GDP in May 2014. Lastly, Moody’s noted that even though the restructuring process of the banking sector is under way, the actions that the authorities and the Troika have identified to lower the high NPL levels have not yet been fully implemented.

In a desperate plea to Administrator Christofides, the chief executive of Alter Ego Group, a Limassol-based wealth management company, Mike Gray, said that he has not had a satisfactory answer as regards transactions that were accepted, pending or outstanding. “On each occasion that I have contacted the bank I have been told that no transactions are taking place! However, according to the Cyprus Mail ‘Since July 29 payments have resumed, but the administrator’s approval is required for each transaction.’ Therefore, I should be grateful for a indication of when my transaction will be finally processed, I can top my VISA card up and I can pay CYTA and EAC, which will allow my firm to conclude certain projects and invoice clients. Otherwise we are out of business,” said Gary. The Financial Mirror learned last month that IMSP had been using own funds to pay merchants, ever since FBME’s main correspondent Deutsche Bank had frozen all transactions. IMSP clients, many of whom used its own POS terminals, but also that of JCC, were unable to accept card payments by VISA or MasterCard.

Trade deficit widens to 1.33 bln in Jan-May €1 Marginally lower in June as exports improve The trade deficit in the first five months of the year rose to EUR 1.33 bln, compared to EUR 1.22 bln in the same period of 2013, data released by the Statistical Service Cystat has shown. According to the data, total imports/arrivals in January - May amounted to EUR 1,961.5 mln as compared to EUR 1,898 mn in JanuaryMay 2013. Total exports/dispatches reached EUR 629 mln compared to EUR 676.1 mln in January - May 2013. The trade deficit was recorded at EUR 1,332.5 mln in January - May compared to EUR 1,221.9 mln in the corresponding period of 2013. In May, total imports/arrivals were valued at EUR 432.7 mln, while total exports/dispatches including stores and provisions, amounted to EUR 141.8 mln, for a monthly trade deficit of EUR 290.9. Exports/dispatches of domestically produced goods, including stores and provisions, were EUR 74 mln whilst exports/dispatches of foreign goods, including stores and provisions, were EUR 67.8 mln. Meanwhile, Cystat also released the data for June, with the monthly trade deficit at EUR 276 mln, better by 15 mln from EUR 290.9 mln recorded the previous month, with imports slightly down and exports marginally up. On the basis of preliminary estimates for foreign trade in June, total imports/arrivals were EUR 422.1 mln, of which 315.7 mln were arrivals from other EU member states and 106.4 mln imports from third countries. Total exports/dispatches stood at EUR 146.4 mln of which 88.2 mln were dispatches to other EU member states and 58.2 mln exports to third countries, Cystat added.

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EU tries to limit fallout from Russian food embargo EU regulators in Brussels began a product-by-product impact analysis on Monday of a Russian ban on EU food imports announced in retaliation for Western sanctions over Moscow’s actions in Ukraine, according to the policy and news site Euractiv.com. But they said it was too soon to decide how much, if any, of a 400 mln euro EU compensation fund might be paid out to help farmers, the website reported. Agriculture Commissioner Dacian Ciolos interrupted the traditional European Commission August break to return to Brussels at the weekend, together with other senior staff, and on Monday they set up a task force. The aim is to identify alternative markets and to analyse the fallout from Russia’s one-year ban, announced last week, on imports of meat, fish, dairy, fruit and vegetables from the US, the EU, Canada, Australia and Norway. With some member states piling on the pressure for redress, they could also agree to award compensation from a special fund signed into law at the end of 2013, as part of agricultural reforms. To date, the fund has never been used. “We still feel it’s a little bit soon to discuss the cost implications,” Roger Waite, a spokesman for the EU’s executive Commission, told reporters. “We are looking at every product individually. We hope that by Thursday, we will be in a position to have a clearer

picture of the potential impact so that we can discuss it with the member states.” Agricultural experts from the EU’s 28 member states will meet in Brussels on Thursday to plan a coordinated strategy. Last month, Brussels agreed its toughest sanctions yet against Moscow in response to Russia’s annexation of Crimea and support for separatist rebels. Moscow initially said it would not stoop to a tit-for-tat response, but last week it took aim at Western food imports, a move many analysts say could hurt Russian consumers more than it affects Western exporters. Ciolos has said he is confident the EU farm sector can quickly find new markets for exports to Russia worth around EUR 11 bln, roughly 10% of all EU agricultural sales outside the bloc. A separate Russian ban on EU pork announced earlier this year has had relatively little impact, the Commission says, as farmers have found new markets in Asia and helped to fill the gap left by an outbreak of pig disease in the United States. “We will have to make an increased effort on other markets in the Asia region, in the Middle East and in North Africa,” Austrian Agriculture Minister Andrae Rupprechter told broadcaster ORF last week, but he said there could also be a case for compensating the hardest hit. “European leaders brought about tougher sanctions on

Russia, which we respect, but we also have to respect the consequences and not leave in the lurch those who are bearing the burden,” he said. In France, Europe’s biggest agricultural nation, farmers have voiced concern about the risk of a glut of unsold produce from Eastern Europe flooding the Western European market. Taking Russia to the World Trade Organisation over the food bans could be unwise, Brussels-based lawyers said, arguing that the EU concern was to de-escalate the crisis. In Ukraine meanwhile, the state gas grid operator Naftogaz said that it would continue uninterrupted pumping of Russian gas exports to Europe through its territory even if Ukraine imposes its own sanctions on Russia. “Naftogaz affirms its readiness to continue smooth transit of natural gas to European consumers,” the chief executive Andriy Kobolev said in a statement on Monday. Ukraine’s parliament was expected to debate sanctions against Russia yesterday, which could include bans on Russian gas and sanctions against Russian banks. Russia halted gas supplies to Ukraine in June due to disagreements over pricing, but gas transit through Ukraine to Europe was unaffected. Russian gas accounts for about a third of Europe’s needs, and about half of that passes through Ukraine.

Cyprus prepares to “minimise impact” from Russia’s food embargo

Greece accuses Turkey of exploiting Russia-EU food ban

Russia’s embrago on EU food products is expected to have both a direct and an indirect impact on the economy, Nelly Koulia, the Trade Service Director said on Tuesday, following a technical meeting in Nicosia. According to Koulia, the total value of exports to Russia in 2013 was 13 mln euros, of which around 11 mln is citrus fruits, 1.5 mln seafood and 0.5 mln for vegetables. The meeting was attended by representatives from the Ministry of Agriculture, agricultural organisations and the Cyprus Chamber of Commerce and Industry (KEVE), who took stock of the embargo’s impact on exports. Koulia noted that a comprehensive note will be submitted to all Ministries in order to take appropriate action. She added that the issue of compensations will be decided at the EU level. The Trade Service Director did not preclude, however, a chain reaction on other sectors of the economy and said that the issue at stake now was “to minimise the impact”. Representatives of agricultural organisations said from their part that the embargo affects more than 2,500 families in Cyprus. They talked about a “disastrous decision” for agriculture and the export sector, while noting finally their expectation for state support in order to cope with difficult conditions. Separately, the Ministry of Agriculture said it is closely monitoring the situation following the ban on food imports Moscow has imposed on the EU, Norway, the US, Canada and Australia. The Ministry said in a statement that all competent services, along with services from the Ministries of Foreign Affairs and Energy, Commerce, Industry and Tourism, are in close contact and are following all developments. According to the statement, actions so far focus on assessing the consequences of the ban and examining whether alternative markets can be found for Cypriot products. Furthermore, the Ministry pointed out that it is following developments in Brussels and is awaiting the results of an experts’ meeting to take place on Thursday. Depending on the results, the Cypriot authorities will examine all available options.

A Turkish decision to “fill the gap” created by Russia’s ban on EU food exports has provoked strong words from Athens, which blames Ankara for participating à la carte in European policy, the EU policy and news site EurActiv Greece reported. Russia President Vladimir Putin last week banned fruit and vegetable imports from the EU – and all food imports from the US – in retaliation for Western sanctions against Moscow. The move was considered a huge blow to Greek farmers, as 41% of Greek exports to Russia concern agricultural products, the news site reported. Ankara reacted to the ban by extending an olive branch to Moscow. The Turkish finance minister, Nihat Zeybekci, said that the ongoing crisis between Russia and the West was an “opportunity” for Ankara. “Amid a deadlock among Russia, Ukraine, EU and USA [...] we will approach even more Russia”, he said, adding that Ankara would draw a comparative advantage from the Russian embargo. The Greek foreign ministry issued a statement on Saturday saying that Greek farmers would be compensated for losses incurred by Russian sanctions, hinting simultaneously that Turkey, an associate member of the EU, was complying selectively with European policy. “The EU and Euroatlantic partners also need to make the speedy realization that we cannot have countries that are candidates for accession to the EU – countries that are in fact members of the Alliance – participating a la carte in European policy and benefitting from the cost being paid by the member states”, it said. The leftist main opposition Syriza opposed the Greek government’s decision to take part in the sanctions against Russia and urged the Greek PM to support its local ‘victims’. “After it disagrees with the EU measures [against Russia], the Greek government has to make it clear to Russia that the peoples of Europe, and especially in this case, the weakest part of the farmers should not be victims of conflicts expediency”, said Syriza MP Vangelis Apostolou. The head of Syriza and then candidate for the presidency of the EU executive, Alexis Tsipras, made his position on the Ukrainian crisis clear even before the EU elections.

During the European Commission’s presidential debate, he argued that Ukraine should be a “bridge” between Russia and the EU and opposed talk of sanctions. “The EU is making experiments again with the materials of the Cold War [...] A new wound is opening in the heart of Europe and ahead of this threat, no threats and sanctions but dialogue and diplomacy should dominate”, he said. Government spokeswoman Sofia Voultepsi, reiterated on Monday that Greek farmers would receive compensation for their losses but made clear that Athens would not change its foreign policy alliances under pressure from its farmers. “Peaches and nectarines will be compensated; Greek farmers will not be affected by the foreign policy of the European Union”, she said, adding that it would be “ridiculous” for Athens to take “unilateral actions” with Russia, especially as the country’s European partners “are holding our loans and this is something Russian are aware of”. Comparing the Crimean issue with the occupied territories in Cyprus by Turkey, she underlined that such a model of “secession” would irreparably undermine the position of Greece in Cyprus, setting a precedent for the loss of northern Cyprus. “What shall we say then? We gave half of Cyprus but we saved the peaches”, she wondered aloud.

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€453 mln from Troika hangs in the balance MPs drag their feet with foreclosures bill, as DIKO may have change of heart A delay in passing the controversial foreclosures bill in parliament could delay or even cancel payment by the Troika of international lenders next month of the sixth tranche of the island’s bailout money, estimated at EUR 453 mln. Finance Minister Harris Georghiades warned MPs on Tuesday that delaying the matter further in order to revise the legislation, which the Troika clearly said it doesn’t want altered, would create difficulties for public finances, having earlier stated that Cyprus has enough funds only until November. The Troika (IMF, EC and ECB) wants the bill approved before the next Eurogroup meeting in mid September, in order to disburse the next bailout tranche, but parliamentary parties, except the ruling Democratic Rally (DISY), have said that the foreclosures legislation could not pass as it is, asking the government to renegotiate with the lenders. Georghiades told a second session of the joint parliamentary committees for Finance and Internal Affairs, that had been adjourned from Monday, that if the next tranche is not disbursed in time, “we will face difficulties and consequences beyond our control and planning”. Finance Committee Chairman and ex-coalition DIKO leader Nicolas Papadopoulos then called for the meeting to continue behind closed doors, where the Finance Minister also elaborated on comments that a senior Russian investor at the Bank of Cyprus wanted the foreclosures bill to go ahead as initially planned. This raised concerns that passage of the bill would pave the way for a massive expropriation exercise that would see low-income families who can’t repay their loans, lose their homes. However, it seems that major funds and investors are keen to grab on the cheap the portfolios of major developers who have been refusing to repay their loans, even though they could afford to, and not individual small properties. Some of the targeted companies are members of the newly formed association of developers of major projects. Papadopoulos reportedly then asked Georghiades how an expropriation would actually take place if the owner refuses to leave the mortgaged house. “Would they bring in goons?” he asked. However, the DIKO leader was later reportedly in intensive

negotiations with DISY leader Averoff Neophytou to see if there was any ground to rethink the whole bill in time for the next Eurogroup meeting. Papadopoulos was prepared to back down from his adamant rejection of the bill, as long as there were provisions that would safeguard home owners’ rights, such as the related insolvency bill and the need to restructure troubled loans. Meanwhile, Central Bank Governor Chrystalla Georghadjisaid that if the bill on the foreclosures on mortgaged properties is not approved, the value of these nonperforming loans held by systemic banks would not be considered during the EU-wide stress tests in October. She said that once the stress tests are concluded, the Central Bank will focus on restructuring and interest rates. Georghadji explained to the House that before the definition of non-performing loans was changed a year ago, there were no NPLs because they had sufficient collateral. She also said that loans totaled 52.5 bln euros, explaining that 10 bln have properties as collateral, of which 4 bln are not served. The Governor said the non-performing accounts restructured in the first quarter of 2014 stood at 6,789, corresponding to 1.2 bln euros. During Monday’s joint session of the House Finance and Internal Affairs committees, Interior Minister Socratis Hasikos presented the Troika’s negative reply to the

amendments proposed by the parliamentary parties. The Finance Minister had said that foreclosures should proceed not only for villas, but also for apartments for which the debtor has not paid a single instalment. “Foreclosures should not proceed only for villas. They should proceed also for an apartment for which the borrower has not paid a single bank instalment since it was bought”, the Minister noted, adding that “tolerance is unfair” to the depositors, but also to those borrowers that pay their dues. Georgiades said that “the key to addressing the accumulated debt is the restructuring of loans”, adding that the Cabinet has approved an outline of amendments to existing laws, that is the insolvency framework, referring to the restructuring of loans, aimed at giving a second chance to borrowers that are struggling to pay their debts. In any case, this framework must contain the tools needed for the banks to recover loans from debtors that do not cooperate or debtors with unsustainable loans, he noted. Hasikos said that the foreclosures legislation is not aimed at massive foreclosures on mortgaged properties, but at correcting the current law. The bill aims at exerting pressure on both the debtor and the bank to negotiate and find ways to restructure a loan, he noted. Hasikos said that the Government has drafted a scheme under which the state, through the Cyprus Land Development Corporation, will help those who cannot pay and have exhausted all available options, to keep their primary residence, either by buying their home or by paying the interest on their loan, which the debtor later would have to pay back to the state. Attorney General Costas Clerides noted that under the legislation the debtor has the right to participate in the foreclosure process by appointing an appraiser. Central Bank chief Georghadji added that NPLs remained the biggest problem of the four banks that will undergo the stress tests carried out by the European Banking Authority. Georghadji said that there are borrowers who cannot pay their bank instalments and others who “naively believe that they punish the banks by not paying”.

Curing the non-performing loans disease Following the implementation of an economic adjustment programme in a number of EU member states, different countries have adopted different strategies for dealing with non-performing

By George Mountis DIRECTOR, BUSINESS DEVELOPMENT EMERGO WEALTH

Countries under economic adjustment programmes have adopted various methods to tackle the problem of nonperforming loans, giving over-indebted households and businesses the chance to pay down debt. For example, the Bank of Greece has announced a series of measures, which include: lower instalment payments, lower interest, considerable grace periods, temporary deferment of instalments, extending the loan repayment period for households and businesses, or allowing homeowners to turn tenants in their primary residence. The main methods employed by the Bank of Greece to restructure loans are: - Short-term solutions (five years or less): Payment of interest only, or lower interest payments during a short-term period; grace periods; deferment of instalments; repayment of the balance that is in arrears; and debt rescheduling. - Long-term solutions: These are adjustments with a duration of over five years, and include a permanent reduction in the interest or on the contractual margin rate; switching the type of interest (e.g. from variable to fixed); and extending the loan repayment period. - Splitting a loan in two: The first portion of the loan is tied to physical collateral, where the borrower pays in

loans. Although originally penned in April, this article, reprinted from Cyprus Property News, is worth considering under the present circumstances and talk related to dealing with mortgages.

instalments. For the second portion, or the balance on the loan (the unsecured amount), no interest is charged for a period agreed with the bank. On the latter, borrowers are subject to re-evaluation should their finances improve, otherwise they are required to take out a mortgage on another immovable property, that is to say, to put up other assets as collateral. - Operational restructuring: Concerns business loans for which a businessman is required to curtail spending and implement cost-cutting measures. Also debt/equity swaps. - Definitive restructuring: This involves drastic actions aimed at definitively tackling debt. Debtors voluntarily sign over to the bank their mortgaged property as part of a broader adjustment. Conversion into a leasing contract, whereby borrowers transfer ownership of immovable property to the bank and sign a leasing contract for a minimum duration (usually five years). In Ireland, authorities have drawn up a list specifying the ‘reasonable living cost’ for households (families with children, couples etc.) This list outlines monthly expenses for food, housing, healthcare, education and so on. An average reasonable cost of living has been calculated, which lenders and borrowers refer to for debt settlement. The list cannot be questioned as it is based on data furnished by the country’s statistical agency. In addition, Irish authorities have devised the concept of “cooperative borrowers” (i.e. borrowers who do not conceal information – such as income, assets etc. – from banks). By defining what a cooperative borrower is, a bank can no longer arbitrarily deem a borrower as being non-cooperative and

therefore refuse to restructure his or her debt. Thus banks are obliged to examine each case separately, provided certain basic conditions are met. Moreover lenders may write off large chunks of debt once they find that a loan cannot be serviced due to the lack of income (or any prospect for income) on the part of the debtor. In Spain, a house may be transferred to the bank, and the debtor may continue to reside in the house as a tenant for as long as it takes him/her to repay the debt. During the leasing period in question, ownership of the immovable property passes to the bank, and the borrower-tenant can repossess the house upon repayment of the loan at the period end. This is known as a leaseback. The banks and the government have agreed a code of conduct, which all lenders have adopted. Eligible for these adjustments are persons whose income places them below the so-called ‘social exclusion’ line. Spanish banks likewise grant grace periods, loan repayment extensions, etc. In addition, where the value of a property is currently lower than that at which it was purchased, the difference is split among the bank and the borrower. In the most extreme cases, a bank will take possession of a house but allow the borrower to keep residing there for two years as a tenant. These are the sort of sensible solutions to which we here in Cyprus should look to if we really want to escape the vicious cycle of depression. George Mountis is Director of Business Development at Emergo Wealth, www.emergowealth.net

August 13 - 26, 2014

6 | COMMENT | financialmirror.com

Markets moody after Erdogan’s election victory The Turkish Lira and stocks began the week with gains after Prime Minister Recep Tayyip Erdogan won the country’s first direct presidential election, but assets suddenly started dropping with the dollar/lira ratio rising above 2.15, while the main stock index retreated below 79,000 points, the Hurriyet daily reported. Turkish assets began the trading day strong as the lira had strengthened to 2.1351 against the dollar from 2.1601 late on August 8 and Borsa Istanbul 100 index rose over 1.6% to over 80,000 points. However, the currency and stocks rapidly began to decline in the morning session, as the investor optimism that affected markets in the morning has reversed, the paper added. The lira eased back to around 2.154, while the main Istanbul share index dropped by more than 1% to around 78,300 points. The benchmark 2-year government bond’s yield had fallen to 9.23% from 9.36 on August 8. Erdogan’s victory was taken as a sign of continuity at first, but analysts also warned of medium-term risks to economic predictability emerging from the concentration of power. Attention is now turning to the appointment of a new prime minister and economic management team, analysts

say. Markets will be looking for any changes among the main figures on the economic team, such as Deputy Prime Minister Ali Babacan. “We expect that the market will refocus on the composition of the Cabinet, with the absence of key figures such as Ali Babacan - well-regarded by market participants and thus far central in the promotion of sound economic policy in Turkey - likely to catalyse a marked deterioration in Turkish assets on investor concern over the future trajectory of economic policy-making,” Phoenix Kalen, a London-based strategist at Societe Generale, wrote on Monday. But in the long term there are concerns about concentration of power in the hands of a sometimes impulsive leader and the erosion of key checks and balances in the system, according to some analysts. Erdogan has vowed to exercise the full powers granted to the presidency under current laws, unlike his predecessors. “The presidency has until now been a largely ceremonial position, but it seems that Mr. Erdogan will seek to concentrate more power in the role. If this happens, his victory could lead to a more belligerent and unpredictable policymaking environment,” said William Jackson, Capital Economics emerging markets economist. “In time, a

What Israel and Turkey can learn from each other By Mose Apelblat, EurActiv.com Surely countries can learn from each other. Mustafa Akyol, a Turkish columnist and author, illustrates this with the Kurdish issue. During the civil war in the 1990s between the Turkish state and the Kurdish PKK, thousands of people were killed and hundreds of thousands displaced. In the past, Turkey faced a terrorist threat. However, since two years the vicious circle of violence has been replaced by a peace process towards reconciliation. Israel also needs to break the vicious circle of violence in its relations with the Palestinians. But this is a challenge which seems more difficult than the one that faced Turkey. PKK has changed and obviously differs from Hamas. Its objective is limited to autonomy in Turkey and civil rights for the Kurds. But as Akyol writes, the Kurdish issue is still far from resolved, which shows how difficult even an issue which has been reduced to local and regional self-government is difficult to solve in Turkey. Take for example the Turkish constitution which is still subject to review. The current constitution declares that the fundamental duty of the state is to preserve the “independence and integrity of the Turkish nation”. The Kurds still don’t have the right to study their mother language or use it as a language of instruction in public schools. Unfortunately, the Turkish prime minister is hardly the right person to teach Israel any lessons. More than a year has passed since the Israeli apology for the Mavi Marmara incident and diplomatic relations between the two countries haven’t been re-established yet, while president-elect Erdogan has missed a chance to mediate in the war between Israel and Hamas. Learning from each other doesn’t mean that countries copy or emulate experiences and institutions. Lessons learned need to be adapted to national circumstances. As regards good governance, Turkey can learn a few things from Israel. In the fight against corruption, Israel’s independent judiciary has prosecuted a former prime minister who was sentenced to jail a few months ago. In every liberal democracy there are also strong checks-andbalances institutions in the form of the supreme audit institution and the Ombudsman. Both are badly needed for Turkey if it wants to accelerate the accession process with the EU. In both areas, Israel has strong institutions. To promote transparency and accountability, the Turkish state audit would need to carry out performance audits which it has done in the past. The new Ombudsman in Turkey would need to strike a balance between independence and accountability in the judiciary system and start investigating complaints against judiciary maladministration.

deterioration in the predictability of policymaking and, more generally, institutional standards in Turkey would deter investors and make it more difficult to attract capital inflows.” Erdogan had been insisting on lower interest rates before the election, raising concern over the Central Bank’s independence. He says high interest rates cause high inflation and has repeatedly accused an “interest rate lobby” of speculators of pushing for higher rates and seeking to undermine the Turkish economy. The central bank has already cut its main one-week repo rate by 175 points since May, moves which some economists see as hard to justify given persistently high inflation. “The pressure on the Central Bank to ease monetary policy will persist. Erdogan had been quite vocal regarding the necessity to cut interest rates and he will continue to be so,” said Thu Lan Nguyen, a currency strategist at Commerzbank. “The likely continuation of the rate-cut cycle will put pressure on the lira, particularly when monetary policy in the U.S. is normalised.” Turkey is susceptible to changes in global liquidity conditions because of its large current account deficit.

Economy minister slams Fitch Economy Minister Nihat Zeybekci has lashed out at ratings agency Fitch over its statement warning of the continuation of political risks in Turkey following Recep Tayyip Erdogan’s presidential election win, only days after targeting its fellow agency Moody’s. “It is impossible for us to regard the institution [Fitch] that issues political risk warnings after our history’s most important and democratic elections as objective,” the minister wrote on his Twitter account on Tuesday. “You have to be blind and ignorant to not to see the intention behind Fitch’s decision,” he blasted. The agency, which has become the target of the minister’s harsh words, had released a statement on Monday, sharing its views on the impact of the Turkish elections and the economic outlook. “Erdogan’s outright victory in (Sunday’s) vote, in the first round of Turkey’s first popular presidential election, does little to ameliorate the political risk to Turkey’s sovereign credit profile,” Fitch Ratings said. “Political risk will weigh on Turkey’s ratings through its potential effects to discourage capital inflows and reduce policy predictability.” Zeybekci accused Fitch “and its counterparts” of failing to foresee any economic developments, including the 2008 financial crisis and overlooking the Turkish economy’s “strengths.” Over the weekend, the minister had criticised Moody’s as well, after the agency ignored announcing an anticipated credit rating for Turkey. “We won’t allow anyone to speculate about Turkey. The credit rating that was to be announced

ahead of the [presidential] elections was meaningful for us,” the minister had said last Saturday. Arguing that agencies usually make “politically biased decisions,” Zeybekci had said last week that he expected the ratings agency to give a negative outlook for Turkey, triggering a significant sell off in the stock market and depreciation in the Turkish Lira. Meanwhile, Standard & Poor’s (S&P) also released a statement after the elections, saying the outcome will not impact Turkey’s current sovereign credit rating of BB+. A change in macroeconomic policy is not expected because Erdogan was elected in the first round and his successor as premier would be from the ruling Justice and Development Party (AKP), the credit agency said.

Lower rates seen as ‘vital’ The Turkish government will maintain its calls for lower interest rates following Erdogan’s victory, the country’s economy minister said on Monday. “The Central Bank’s interest rates have to come down. The Central Bank has to be ahead of the market. If you follow the market, then the market starts managing you,” Economy Minister Nihat Zeybekci, who has repeatedly called for rates to be lowered, told Reuters in an interview. He said that the central bank’s core mandate for price stability should be expanded to include employment and growth, although he added this would not be a top priority for the government in the coming period. The need to consider additional factors beyond inflation could give the central bank more impetus for lowering rates. “Our policy on interest rates is clear. We believe that interest rates are important in Turkey for the

revival of domestic demand, investment and growth,” he said. Zeybekci said interest rates needed to come down in line with inflation expectations, pointing out that while annual inflation was currently running at 9.3%, forward expectations for 12 months’ ahead are at around 7%. “We see interest rates as an important factor in cost inflation.” Erdogan, who won close to 52% of the vote, had said ahead of the vote that there would be no deviation from economic policies if he won. “This [electoral] message means the approval of policies that were implemented up to now and the continuation of political and economic policies,” Zeybekci said, acknowledging the result had not been as strong as some of Erdogan’s supporters had hoped. “It also carries a bit of a warning. We understood all this very clearly,” he said.

August 13 - 26, 2014

financialmirror.com | COMMENT | 7

Divisive Erdogan to become Turkish president By Benjamin Fox, EUObserver Outgoing Turkish prime minister Recep Tayyip Erdogan will become the country’s first directly elected president after securing a decisive victory in Sunday’s poll. State-run Anadolu news agency said that Erdogan got 52% of the vote, with his main rivals Ekmeleddin Ihsanoglu, a former diplomat, and Kurdish politician Selahattin Demirtas, taking 38% and 10%, respectively. By claiming an absolute majority, Erdogan avoided a second run-off election against Ihsanoglu as the results were formally confirmed on Monday. In a victory speech to thousands of supporters outside his Justice and Development Party’s (AKP) headquarters on Sunday night, Erdogan said: “I will not be the president of only those who voted for me, I will be the president of 77 million.” He also promised to “build a new future, with an understanding of a societal reconciliation”. The 60-year old Erdogan has been prime minister since 2003 and was barred from standing for a fourth term by internal party rules.

But despite being the country’s longest serving leader, Erdogan is seen by many as a divisive figure whose premiership has left Turkey increasingly isolated and set back its chances of progress in EU membership talks. His critics say that his government and leadership style have become increasingly authoritarian, marked by crackdowns on press and judicial freedom as well as bans on the use of social media sites Twitter and YouTube. Earlier this year, the US thinktank Freedom House downgraded Turkish press status from “partly free” to “not free” in its yearly report, putting the country in the same bracket as the likes of Zimbabwe and Somalia. Meanwhile, a new internet law, denounced by EU officials, is set to give the AKP government the right to delete online content, block individual users and snoop on people’s emails. Erdogan also faced international criticism after using police violence to break up pro-democracy protests in Istanbul last year. However, despite this, his popularity among millions of Turks remained undimmed, with the AKP easily winning local elections in March just months after a government corruption scandal. The Turkish presidency had previously been decided by parliament. But a referendum in 2010 introduced direct elections for the head of state, which has, until now, been a

Gul tells Erdogan he’s still in the game By Murat Yetkin The first thing that Turkish Prime Minister Tayyip Erdogan did after getting elected as the country’s 12th president on Sunday was to call the ruling Justice and Development Party’s (AK Party) main executive body for a meeting on Monday. His plan was simple: Erdogan wants to design his party and the government before he officially takes over the presidency from Abdullah Gul on August 28. Despite speculations about the need for a highprofile name to succeed him in order to change the Constitution to introduce a strong-presidential regime - instead of the current parliamentary one - Erdogan now has changed priorities. He mainly has two criteria for the new AK Party chairman who will also lead the government as prime minister: 1- To work in harmony with the president and not attempt to steal his role, 2- To carry the party successfully through to the next parliamentary elections, scheduled for June 2015. It is true that many in the AK Party think Gul is the best option both for keeping the party together and also for keeping it in power. But Gul is a strong name with a high international and domestic profile, which would not remain silent and in the shadows. The AK Party will anyway need a new chairman, as Erdogan has to leave the post by August 28. It would also help to exclude Gul’s name from the list, because according to the constitution, the prime minister has to be a member of parliament. That would be a useful side effect in Erdogan’s power game. But Gul has made it clear that he is not planning to

retire from politics after completing his term as president, telling a group of reporters right in the middle of the decision-making meeting in the AK Party that it would be natural for him to return to the party that he was a co-founder of. This was like a “Remember, I am still in the game” message to the meeting chaired by Erdogan. The answer from the meeting came in just an hour, from party spokesman Huseyin Celik: They had decided to hold the congress to elect a new chairman (thus to be given office to form a Cabinet by Erdogan right after August 28) a day before the official handover ceremony; with the congress to be held on August 27. Celik was going on the record by welcoming Gul’s decision, but the party’s decision was telling Gul that it would not be possible for him to lead the party and the government - at least for now, maybe later. The new chairman and prime minister would now be picked by Erdogan. Gul’s move came at an unexpected time for Erdogan, just as he was celebrating his victory as Turkey’s first ever president to be elected by popular vote. Gul has reminded Erdogan that despite his 51% support, there are still political and legal balances that he has to watch. He also gave a strong message to Erdogan that the winner cannot take all, at least not always. It is a fact that Gul has supporters in the AK Party who are not happy at all with the one-man-rule attitude of Erdogan. Gul has also told them that there might be alternatives if the doors of the AK Party’s direction room are shut to them. There are always surprises in Turkish politics. Murat Yetkin is a columnist at the daily Hurriyet, hurriyet.com.tr

largely ceremonial post. Erdogan has promised to be “an active president” and that he will use “the full extent of his constitutional powers” in the process, leading some to suspect that he will seek to strengthen his grip on power when he takes office at the end of August.

The next PM Since officials at the ruling AK Party considered Sunday’s vote a simple formality, they have been working on future government scenarios post-Erdogan. The key question in that debate is the next prime minister once Erdogan ascends to the presidential palace on top of Cankaya Hill in Ankara. Political observers in Ankara seem to be dropping the name of incumbent President Abdullah Gul following a three-month debate, something that made it clear that Erdogan does not want a strong prime minister to challenge the president’s authority, but a Cabinet-coordinating prime minister which has not been seen in the Turkish system so far. Therefore, the next president is likely to be someone who is happy to accept that role. There are a number of candidates for that from within the AKP whose names are being tipped behind the scenes: - BULENT ARINC: Deputy Prime Minister Arinc is one of the three big guns of the party together with Erdogan and Gul. He would be willing to keep the post until the general elections in 2015 as a veteran of Islamic-conservative politics for nearly 40 years. Erdogan, however, may think that what he needs is a name more loyal to him, rather than the common cause. - AHMET DAVUTOGLU: Davutoglu, as the architect of Erdogan’s risk-taking foreign policy, is frequently regarded within the party as the “hoca,” the master teacher. Speaking a number of languages and with theoretical depth, especially on the Islamic world, Davutoglu has proven his capability to address masses in political rallies, besides lecturing in halls. Yet Erdogan might need Davutoglu (also with a strong personal political agenda) as the foreign policy chief for some time more. - BINALI YILDIRIM: The former transportation and communications minister is the favourite of business circles who are sure that he is 100-percent loyal to Erdogan himself with no personal political ambitions; that means he could be a good bridge between the business world and the new president. Erdogan, on the other hand, might bring Yildirim to Cankaya Palace as a chief adviser or a secretary-general in order to act as actual prime minister there. - MEHMET ALI SAHIN: Having served before as the justice minister, deputy prime minister and parliamentary speaker, Sahin is now deputy chairman of the AK Party in charge of the political and legal department; that means he is the number two in the party after Erdogan. Sahin has paid special attention to ensure that he has not been in front of the cameras and exposed to the public for some time, but he is among the masterminds of Erdogan’s strategy, and one of the strong candidates to lead the government and the party. That scenarios might be overturned if Erdogan decides to go for an early parliamentary election in October or November of 2014 instead of June 2015, in order to take the advantage of his high vote rate. Then we will have another Turkey, regardless.

August 13 - 26, 2014

8 | COMMENT | financialmirror.com

Ten years down memory lane…. Three cheers for the “Bleu, Blanc, Rouge”! Ten years down memory lane…. Three cheers for the “Bleu, Blanc, I know quite a bit about what I was doing ten years ago – firstly because I keep a diary and secondly because I was clattering away on my computer, writing weekly and monthly articles for my many thousands of devoted Cyprus readers. So, when I got an Email from Christophe and Elia Chaillou telling me that 2014 is the tenth anniversary for their haven of epicurean delights, “French Depot”, I got to looking at what I was writing about in 2004. This item, from my wine column in Time Out exactly ten years ago, caught my eye – but for the life of me I can’t remember, or trace in my diaries, the name of the “immensely wealthy” man.

does a roast potato better than any other fat or oil. Among the many other delights I must also praise the range of cheese. Merveilleux! There is now a French Depot in Nicosia, with a splendid wine selection (pictured). Until the end of August, the French Depot shops are celebrating the 10th anniversary with some special deals, which you can check out in-store or online. French Depot, Limassol, 17, Spyrou Kyprianou Street, near Columbia. Tel. 25327427, 96341473. French Depot, Nicosia at 45, Ilia Papakiriakou Street, Engomi tel. 22353200. Website: www.frenchdepotshop.com.cy

Patrick Skinner

“SOMETIMES THE BEST IS TOO GOOD” “A few weeks ago my wife and I were invited to go to a wedding reception. The father of the bride is immensely wealthy, a man who could afford to buy everyone vintage Krug, so we expected, at the very least a glass or two of non-vintage Moët et Chandon. Then we heard his agent was buying twenty four cases of Spanish Cava. So we arranged to be away on the day. Now there is nothing wrong with Spanish Cava, which is made in the same way as Champagne, and currently can be bought in the supermarkets at less than CYP4.00 a bottle (Those were the days! Ed.). I admit to buying it now and then. But for a great celebration, if you have the money, Champagne is essential”. Even in the short space of ten years since I wrote the above, wine producers all over the world have developed better and better “Methode Champenoise” sparkling wines that rival many genuine Champagnes. England, Australia, California and Spain, to name just a few, whilst France itself offers some splendid “Crémants”. Truly, there’s nothing like a glass of good fizz to celebrate.

“Joyeux Anniversaire, French Depot!” The French Depot, first opened its doors almost ten years ago in Limassol’s Old Town near Ayia Napa Church, owned and directed then by Philippe Heron and his wife, who stocked what was then, for Cyprus, a good selection of both inexpensive and Chateaux Bordeaux, as well as wine from other French regions. They were early suppliers in Cyprus of some good lines of gourmet foods as well. The Herons had a lovely shop, but there was one great disadvantage; parking nearby was incredibly difficult. So it was not surprising that when Christophe and Elia Chaillou acquired the business they moved to a handier location, where they remain today. Christophe describes the shop as “a cosy wine boutique in Limassol, where ambience, wine and fine delicatessen can offer you transports of delight”. But, these days, ten years on, it’s more than a trip to France. The Chaillous not only purvey the produce of France and very knowledgeable wine epicurean guidance, they now bring in wines from Spain, Portugal, Greece, Japan, South Africa, Morocco, South America and Chile. And, yes, if you fancy a Confit of Duck, the supreme French variety is still a best-seller. Coming in large cans, the succulent legs are surrounded by pure duck fat which

A Touch of France at Home With a good deli shop or counter not far away, you can take a taste of France home with you. If, like me, you love your stove, you can create a bit of La Belle France yourself. Eating at a wonderful French Brasserie just off London’s Piccadilly Circus a few days ago, the perfect traditional Paté Maison encouraged me to dig out one of my oldest and enjoyable recipes, which really is easy-peasy to make yourself.

De Luxe Chicken Liver Paté Ingredients (for 6-8 servings as a starter) 250 g / 8 oz of chicken livers 1 medium onion (about 75 g, peeled), finely chopped A good handful of button mushrooms, sliced (about 120 g) 3 – 4 rashers of smoked streaky bacon (about 60 g) 1 good clove of garlic peeled and very finely chopped 100 g butter Pinch of fresh thyme, 1 coffee spoon dried ginger, a pinch of allspice, salt and pepper 2 tbsp of a good dry sherry (“FINO”) or brandy

Method 1. Trim all fat and gristle away from the chicken livers. If the chicken hearts are attached, let them be, they will add to the flavour. Slice coarsely. 2. In a medium frying-pan, heat 30 grams of the butter until sizzling and add the onions, garlic, bacon, herbs, spices and mushrooms. Stir regularly and cook until beginning to turn brown. Remove and put into your food processor. 3. Put another 30g of butter into the pan and fry the livers for around 5 minutes until cooked through (“pinky”), remove, and put into the food processor. 4. Put remaining butter and sherry, salt and pepper, into food processor and whiz until smooth and creamy. 5. Spoon into a medium bowl or individual ramekins. Pour a little melted butter over the top to add a final rich touch. 6. Refrigerate for at least three hours. Serve with “Fino”, or a very dry white wine.

Leon with a twist

Summer nights at the Elysium

Leon, the oldest beer label in Cyprus revived by Photos Photiades Breweries 11 years ago, will probably be the most popular brew on the Cyprus beaches this summer, having redesigned the bottle into a more convenient 250ml shape. The new, green bottle also has a twist cap, making it easier to take to the beach or even when lounging on your balcony, helping it maintain its market share as the third best-selling beer in Cyprus.

The Elysium hotel, the 5-star property in Paphos, has completed its range of cuisines and now offers guests a wide selection from Italian delights to Japanese fusion. The Ristorante Bacco blends the mystique of Tuscany with the traditional dishes of fresh pastas, tender steaks and fresh fish. Further down, the elegant O’Shin has an array of Japanese and Asian fusion dishes, from the sushi and sashimi all the way up to hot dishes. Then there is the Mediterraneo, ideally placed right on the beach and enjoying probably the finest susnset in Cyprus, while a big selection of aperitifs, premium whiskies and cocktails are served at the Astria Bar, with live music during the weekends.

EB¢OMA¢IAIA OIKONOMIKH ¶√§π∆π∫∏ EºHMEPI¢A

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∆∂∆∞ƒ∆∏, 13 ∞À°√À™∆√À, 2014

«ÕÓ·„·Ó Î·È ¿ÏÈ ÎfiÎÎÈÓÔ» ÔÈ µÔ˘ÏÂ˘Ù¤˜ ÁÈ· ÙÈ˜ ÂÎÔÈ‹ÛÂÈ˜ ªÂ ÓÔÌÔÛ¯¤‰ÈÔ ·fi ÙÔ Ï·›ÛÈÔ ·ÊÂÚÂÁÁ˘fiÙËÙ·˜ ÔÈ ÚÔÛ¿ıÂÈÂ˜ ÁÈ· Ó· ÂÈÛÙÔ‡Ó Ù· ÎfiÌÌ·Ù· Ο ΠρÞεδροσ του ∆ΗΣΥ Αβέρωφ Νεοφύτου δήλωσε χθεσ Þτι υπάρχει τρÞποσ ώστε µέσα απÞ σκληρή δουλειά τισ επÞµενεσ µέρεσ, πέραν απÞ τισ διακηρύξεισ, να πάρει σάρκα και οστά η προστασία τησ κοινωνικήσ συνοχήσ και των αδυνάτων απÞ την εκποίηση των ενυπÞθηκων ακινήτων και έτσι θα λυθεί το πρÞβληµα, που δηµιουργείται µε τισ έντονεσ αντιρρήσεισ των αντιπολιτευÞµενων κοµµάτων στισ πρÞνοιεσ του νοµοσχεδίου για την εκποίηση των ενυπÞθηκων ακινήτων. Μετά απÞ σύσκεψη µε την Κοινοβουλευτική Οµάδα του ∆ΗΣΥ, τουσ Υπουργούσ Οικονοµικών και Εσωτερικών Χάρη Γεωργιάδη και τη ∆ιοικητή τησ Κεντρικήσ Τράπεζασ Χρυστάλλα Γιωρκάτζιη δήλωσε Þτι τισ επÞµενεσ µέρεσ “θα εργαστούµε σκληρά ώστε και συνεπείσ ενώπιον των δανειστών µασ να είµαστε και να προστατευθεί ο ιστÞσ τησ κυπριακήσ οικονοµίασ, µε την προστασία τησ πρώτησ κατοικίασ και τησ µικρήσ επαγγελµατικήσ στέγησ”. Η σύσκεψη πραγµατοποιήθηκε µετά την κοινή συνεδρία των Κοινοβουλευτικών Επιτροπών κατά την οποία συζητήθηκε το νοµοσχέδιο για τισ εκποιήσεισ των ενυπÞθηκων ακινήτων. Οι Υπουργοί Εσωτερικών και Οικονοµικών κεκλεισµένων των θυρών ενηµέρωσαν τουσ Βουλευτέσ των δύο Επιτροπών για τισ σοβαρέσ και πέραν των δηµοσιονοµικών, επιπτώσεισ που θα έχει η µη ψήφιση του νοµοσχεδίου για τισ εκποιήσεισ, ωστÞσο οι Βουλευτέσ των αντιπολιτευÞµενων κοµµάτων επιµένουν Þτι το νοµοσχέδιο ωσ έχει δεν περνά απÞ τη Βουλή. Ο ΥπουργÞσ Οικονοµικών Χάρησ Γεωργιάδησ, στο πλαίσιο τησ ανοικτήσ συνεδρίασ, απαντώντασ στισ ερωτήσεισ Βουλευτών, επανέλαβε Þτι στην Κύπρο είχαµε χαρακτηριστικÞ παράδειγµα φούσκασ των ακινήτων, προσθέτοντασ Þτι ο υπερδανεισµÞσ βρίσκεται στην καρδιά των προβληµάτων. Ο κ. Γεωργιάδησ είπε ακÞµα Þτι η Κυβέρνηση δεν θα είχε ένσταση να συζητήσει το νοµοσχέδιο µε το πλαίσιο για την αφερεγγυÞτητα, Þµωσ η ΤρÞικα έχει διαφορετική άποψη και απαιτεί την ψήφιση του νÞµου πριν την επÞµενη εκταµίευση του δανείου προσ την Κύπρο, καθώσ θεωρεί Þτι η εξαίρεση για την κύρια κατοικία µέχρι την 1η Ιανουαρίου 2015 είναι υπέρ αρκετή. ∆ιευκρινίστηκε Þτι η εκποίηση θα στοχεύσει αυτούσ που έχουν εξοχικά και τουσ επιχειρηµατίεσ. Συνεχίζοντασ ο ΥπουργÞσ Οικονοµικών πρÞσθεσε Þτι εισηγηθήκαµε στην ΤρÞικα να µειωθεί η φορολÞγηση απÞ τη µεταβίβαση

προσ την κατοχή για να διευκολυνθούν οι συναλλαγέσ. Περαιτέρω, σε Þ,τι αφορά ερώτηµα για την ενδεχÞµενη εµπλοκή του οφειλέτη σε µακρέσ δικαστικέσ διαδικασίεσ και ψηλά δικηγορικά κÞστη, παρατήρησε Þτι αποτελεί αντίφαση στη θέση Þτι µε το νοµοσχέδιο θα γίνονται εκποιήσεισ µε διαδικασίεσ εξπρέσ. ΠρÞσθεσε Þτι στο νοµοσχέδιο υπάρχουν επαρκείσ δικλείδεσ ασφαλείασ για να µη γίνεται εκποίηση µε διαδικασίεσ εξπρέσ. Ο κ. Γεωργιάδησ είπε Þτι η Κυβέρνηση είναι έτοιµη να συζητήσει και να ρυθµίσει το θέµα τησ νοµικήσ αρωγήσ σε Þσουσ επιλέγουν να προσφύγουν στο ∆ικαστήριο για αναθεώρηση τησ απÞφασησ τησ τράπεζασ για εκποίηση. Συνεχίζοντασ είπε Þτι δεν συµµερίζεται τισ ανησυχίεσ Þτι θα έχουµε εκατοντάδεσ χιλιάδεσ κατοικίεσ προσ εκποίηση. Ο κ. Γεωργιάδησ είπε ακÞµα Þτι τον ορισµÞ του µη εξυπηρετούµενου δανείου τον καθÞρισε η Κεντρική Τράπεζα,τονίζοντασ ταυτÞχρονα Þτι αυτÞσ σε δύο µήνεσ θα είναι ενιαίοσ σε Þλη την Ευρώπη. Ανέφερε επίσησ Þτι ο υφιστάµενοσ νÞµοσ προβλέπει Þτι αν περάσουν 30 µέρεσ απÞ την παράλειψη πληρωµήσ µιασ δÞσησ δανείου, ολÞκληρο το δάνειο δύναται να καταστεί απαιτητÞ και πρÞσθεσε Þτι µε την τροποποίηση που προβλέπει το υπÞ συζήτηση νοµοσχέδιο ο χρÞνοσ των 30 ηµερών αυξάνεται στισ 90 ηµέρεσ. Ο κ. Γεωργιάδησ τÞνισε Þτι απÞ τισ εισπράξεισ των δανείων και τισ καταθέσεισ εξαρτάται η παραχώρηση νέων δανείων και η αναδιάρθρωση δανείων. Περαιτέρω ανέφερε Þτι ο προωθούµενοσ νÞµοσ για τισ εκποιήσεισ δεν µπορεί να ισχύσει µÞνο για τα νέα δάνεια. Ùπωσ Þτι δεν µπορεί να αποτελεί κριτήριο για την προώθηση τησ διαδικασίασ εκποίησησ, το µέγεθοσ του δανείου, αλλά πρέπει να λαµβάνεται υπÞψη η διάρκεια τησ καθυστέρησησ στην καταβολή των δÞσεων. Ο ΥπουργÞσ Οικονοµικών ανέφερε επίσησ Þτι το πλαίσιο αφερεγγυÞτητασ αφορά 5 µε 6 µνηµονιακέσ νοµοθεσίεσ και εξήγησε Þτι συµφωνήθηκε για πρώτη φορά το πλαίσιο των διαπραγµατεύσεων µε την ΤρÞικα τον περασµένο µήνα. Ενηµέρωσε, επίσησ, τη Βουλή Þτι για να προχωρήσουν κάποιεσ πρÞνοιεσ του πλαισίου χρειάζονται ποσοτικέσ και ποιοτικέσ αναλύσεισ και συµπλήρωσε Þτι το χρονοδιάγραµµα που τέθηκε είναι για τέλοσ του χρÞνου. Ο ΥπουργÞσ Οικονοµικών είπε επίσησ Þτι ο χρÞνοσ των 90 ηµερών για τισ εκποιήσεισ ξεκινά να τρέχει απÞ το µηδέν και αµέσωσ

°ÈˆÚÎ¿Ù˙Ë: ∞ÁÎ¿ıÈ Ù· Stress Test Εάν το νοµοσχέδιο για τισ εκποιήσεισ των ενυπÞθηκων ακινήτων δεν ψηφιστεί, η αξία των ενυπÞθηκων δανείων των συστηµικών τραπεζών τησ Κύπρου κατά τον έλεγχο αντοχήσ (Stress Test) θα µηδενιστεί, τÞνισε ενώπιον τησ κοινήσ συνεδρίασ των Κοινοβουλευτικών Επιτροπών Οικονοµικών και Εσωτερικών η ∆ιοικητήσ τησ Κεντρικήσ Τράπεζασ Χρυστάλλα Γιωρκάτζη. Απαντώντασ σε ερωτήσεισ Βουλευτών κατά τη χθεσινή συζήτηση του νοµοσχεδίου, η ∆ιοικητήσ είπε Þτι κατά τουσ ελέγχουσ αντοχήσ δεν λαµβάνονται υπÞψη οι προσωπικέσ εγγυήσεισ στα δάνεια ενώ σηµείωσε Þτι η Κύπροσ θα ζητήσει µία και µÞνη προσαρµογή (one off adjustment). Η ∆ιοικητήσ είπε Þτι “δουλεύουµε σε νοµοσχέδιο για καταχρηστικέσ ρήτρεσ” των τραπεζών.

Ανέφερε περαιτέρω Þτι Þταν ολοκληρωθεί ο έλεγχοσ αντοχήσ, η Κεντρική Τράπεζα θα επικεντρωθεί σε αναδιαρθρώσεισ και επιτÞκια. Η κ. Γιωρκάτζη εξήγησε στη Βουλή Þτι πριν αλλάξει ο ορισµÞσ των µη εξυπηρετουµένων δανείων πριν ένα χρÞνο, δεν υπήρχαν µη εξυπηρετούµενα δάνεια, επειδή είχαν επαρκή εξασφάλιση. Η ∆ιοικητήσ τησ Κεντρικήσ είπε ακÞµα Þτι το σύνολο των δανείων ανέρχεται στα 52,5 δισ ευρώ, προσθέτοντασ Þτι τα 10 δισ έχουν εξασφάλιση κατοικία, εκ των οποίων τα 4 δισ δεν εξυπηρετούνται. Η κ. Γιωρκάτζη είπε Þτι κατά το πρώτο τρίµηνο του 2014 οι µη εξυπηρετούµενοι λογαριασµοί που αναδιαρθρώθηκαν ήταν 6.789, που αντιστοιχούσαν σε ποσÞ 1,2 δισ ευρώ. ΤÞνισε επίσησ Þτι δεν πρέπει να γίνεται βεβιασµένη αναδιάρθρωσησ δανείων.

µετά τη δηµοσίευση του νÞµου ακÞµα και για εκείνα τα δάνεια για τα οποία δεν πληρώθηκε δÞση για χρÞνια. Ο ΥπουργÞσ Εσωτερικών είπε Þτι έχουµε καταθέσει ένα νÞµο του κτηµατολογίου, που λέει Þτι αντί να γίνονται οι πλειστηριασµοί απÞ το ΚτηµατολÞγιο να γίνονται απÞ τουσ πιστωτέσ. ΠρÞσθεσε Þτι οι εγγυητέσ, η στήριξη για την εξÞφληση του δανείου µετά την εκποίηση, είναι δουλειά του Συµβούλου αφερεγγυÞτητασ, που αποτελεί µνηµονιακή υποχρέωση και θα παρέχει πραγµατικÞ δίχτυ προ-

στασίασ στο πλαίσιο αφερεγγυÞτητασ. Ο ΥπουργÞσ Εσωτερικών ανέφερε επίσησ Þτι η νέα νοµοθεσία δίνει πολύ περισσÞτερεσ ευκαιρίεσ στο δανειολήπτη για αναδιάρθρωση και αποπληρωµή του δανείου του. ΠρÞσθεσε Þτι ο νÞµοσ για εκποίηση κατοικίασ θα ισχύσει πριν την 1 Ιανουαρίου 2015. “ΑκÞµα και αν η Κυβέρνηση δεν είναι έτοιµη µε τα νοµοσχέδια για την αφερεγγυÞτητα, ωσ Βουλή κρατάτε τον µπαλτά και το κρέασ και να µεταθέσετε την έναρξη ισχύοσ για άλλουσ 6 µήνεσ”, είπε στουσ Βουλευτέσ.

¶È¤˙Ô˘Ó Î·È ÔÈ ƒÒÛÔÈ ÁÈ· ÙÈ˜ ÂÎÔÈ‹ÛÂÈ˜ Ρώσοσ, εκπρÞσωποσ Ρώσων επενδυτών στην Τράπεζα Κύπρου, έθεσε µε απαιτητική διάθεση στον ΥπουργÞ Οικονοµικών Χάρη Γεωργιάδη την ψήφιση του νοµοσχεδίου για τισ εκποιήσεισ των ενυπÞθηκων ακινήτων, Þπωσ αποκάλυψε ο ίδιοσ ο ΥπουργÞσ Οικονοµικών στη Βουλή. Απαντώντασ σε ερωτήσεισ Βουλευτών κατά τη συζήτη-

ση του νοµοσχεδίου για τισ εκποιήσεισ ενυπÞθηκων ακινήτων, στην κοινή συνεδρία των Κοινοβουλευτικών Επιτροπών Οικονοµικών και Εσωτερικών, και κληθείσ να απαντήσει κατά πÞσο ευσταθούν δηµοσιεύµατα ή φήµεσ που φέρουν τον Ουϊλµπορ Ροσ να έθεσε επιτακτικά προσ στην Κυβέρνηση την ψήφιση του νοµοσχεδίου για την

εκποιήσεισ, ο κ. Γεωργιάδησ είπε πωσ κατά την εκτίµηση του ένασ επενδυτήσ αυτήσ τησ εµβέλειασ δεν θα προέβαινε σε τέτοια ενέργεια. ΩστÞσο, σηµείωσε Þτι αυτÞσ που έθεσε προσ τον ίδιο µε απαιτητική διάθεση την ψήφιση του νοµοσχεδίου ήταν Ρώσοσ, που εκπροσωπεί Ρώσουσ επενδυτέσ στην Τράπεζα Κύπρου.

ΧΡΗΜΑ&ΑΓΟΡΑ

13 ΑΥΓΟΥΣΤΟΥ, 2014

2 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

∆Ô ƒˆÛÈÎfi ÂÌ¿ÚÁÎÔ… ÏËÁ‹ Î·È ÁÈ· ÙËÓ Î˘ÚÈ·Î‹ ÔÈÎÔÓÔÌ›· Άµεσεσ και έµµεσεσ επιπτώσεισ θα έχει και στην κυπριακή οικονοµία το εµπάργκο που εφαρµÞζει η Ρωσία στα προϊÞντα προερχÞµενα απÞ κράτη µέλη τησ ΕΕ, σύµφωνα µε τη ∆ιευθύντρια τησ Υπηρεσίασ Εµπορίου Νέλλη Κουλία, η οποία, µιλώντασ µετά απÞ τεχνοκρατική σύσκεψη για το θέµα, ανέφερε Þτι θα ετοιµαστεί ολοκληρωµένο έγγραφο προσ τουσ αρµÞδιουσ Υπουργούσ για να παρθούν αποφάσεισ για την πορεία των πραγµάτων. Ùσον αφορά τυχÞν αποζηµιώσεισ, αυτÞ θα αποφασιστεί σε κοινοτικÞ επίπεδο, είπε. Η συνάντηση, στην οποία εκτÞσ απÞ την Υπηρεσία Εµπορίου συµµετείχαν εκπρÞσωποι του Υπουργείου Γεωργίασ, αγροτικέσ οργανώσεισ και το ΚΕΒΕ, έγινε σε τεχνοκρατικÞ επίπεδο «για να καταγραφούν επιπτώσεισ απÞ τα µέτρα που έχουν επιβληθεί απÞ τη Ρωσία στισ εξαγωγέσ προϊÞντων, εσπεριδοειδών, λαχανικών και ψαριών», ανέφερε η κ. Κουλία. Θα καταγραφούν, πρÞσθεσε, «κατά τοµέα τα προβλήµατα και οι ιδιαιτερÞτητεσ µε σκοπÞ να ετοιµαστεί ένα ολοκληρωµένο έγγραφο, να υποβληθεί στουσ αρµÞδιουσ Υπουργούσ για να παρθούν αποφάσεισ σε σχέση µε την πορεία των πραγµάτων». Απαντώντασ σε ερώτηση για το ύψοσ τησ αξίασ των εξαγωγών στη Ρωσία, είπε Þτι Þσον αφορά το 2013 στο σύνολο είναι περίπου 13 εκ. ευρώ. Γύρω στα 10,8–11 εκ. ευρώ είναι εσπεριδοειδή, 1,5 εκ. ευρώ περίπου ψάρια και περίπου 500,000 ευρώ λαχανικά. Ερωτηθείσα για τα κυριÞτερα προβλήµατα, η κ. Κουλία ανέφερε Þτι «υπάρχουν άµεσεσ και έµµεσεσ επιπτώσεισ». Ήδη, σηµείωσε, «κάποιοι κλάδοι υφίστανται απώλειεσ, διÞτι πρÞκειται περί ευπαθών προϊÞντων». Εκτίµησε παράλληλα Þτι «θα υπάρξουν αλυσιδωτέσ επιπτώσεισ και σε άλλουσ τοµείσ τησ οικονοµίασ». Το θέµα, είπε, «είναι πώσ ελαχιστοποιούµε τισ επιπτώσεισ αυτήσ τησ κατάστασησ». Απαντώντασ σε ερώτηση για το ύψοσ των αποζηµιώσεων που θα λάβει η Κύπροσ, ανέφερε Þτι «αυτÞ το θέµα θα τεθεί σε κοινοτικÞ επίπεδο». Η Κύπροσ, είπε, σαν κράτοσ µέλοσ, Þταν αποφασιστεί αν θα καταβληθούν κάποιεσ αποζηµιώσεισ θα έχει και το µερίδιο τησ στο βαθµÞ που την επηρεάζει. Πέραν των 2.500 οικογενειών επηρεάζονται άµεσα απÞ το ρωσικÞ εµπάργκο σύµφωνα µε τον ΓενικÞ Γραµµατέα τησ ΕΚΑ Πανίκο Χάµπα, ο οποίοσ σε δηλώσεισ του επικαλέστηκε στοιχεία, σύµφωνα µε τα οποία «η Κύπροσ είναι η πρώτη χώρα απÞ τα κράτη µέλη τησ ΕΕ που δέχεται το µεγαλύτερο οικονοµικÞ

και γενικά κοινωνικÞ πλήγµα». «Το πιο σηµαντικÞ είναι Þτι, αν η Κύπροσ βγει απÞ τη ρωσική αγορά, που χρειάστηκε αρκετÞσ κÞποσ και µÞχθοσ και αγώνασ πολλών χρÞνων για να µπούµε, δύσκολα θα ξαναµπεί», είπε. Μίλησε για τον κίνδυνο η Ρωσία να λάβει τ/κ προϊÞντα βαπτισµένα, Þπωσ είπε, τουρκικά. «Και σε άλλεσ αγορέσ να πάµε, θα είναι πολύ δύσκολο, γιατί Þλα τα κράτη τησ ΕΕ θα αναζητήσουν νέεσ αγορέσ», ανέφερε, προσθέτοντασ Þτι «εποµένωσ θα δηµιουργηθεί µεγάλη προσφορά, λιγÞτερη ζήτηση και εκεί θα είναι η µεγάλη κατρακύλα τησ οικονοµίασ». Κάλεσε την Κυβέρνηση να διαχωρίσει τη θέση τησ µε ∆ήλωση απÞ την υπÞλοιπη ΕΕ «και να µην εµπλεκÞµαστε εµείσ σε τέτοιεσ πολιτικέσ εµπάργκο». Η σύσκεψη θα έπρεπε να είχε γίνει σε πολιτικÞ επίπεδο, σύµφωνα µε τον ΓενικÞ Γραµµατέα τησ ΠΕΚ Μιχάλη Λύτρα, ο οποίοσ αναφέρθηκε σε πολιτική απÞφαση και σε συνδυασµÞ των οικονοµικών συνεπειών µε την πολιτική πτυχή του θέµατοσ. Εξέφρασε την άποψη Þτι «η αγροτική µασ οικονοµία καταστρέφεται απÞ αυτή την απÞφαση των Βρυξελλών και εµείσ οφείλαµε να έχουµε µια διαφορετική στάση έναντι αυτήσ τησ απÞφασησ». Θα ήταν καλύτερα, σύµφωνα µε τον κ. Λύτρα, αν η Κύπροσ είχε τηρήσει αποχή κατά τη λήψη τησ απÞφασησ. ΑπÞ την πλευρά του, ο Γραµµατέασ του Συνδέσµου Παραγωγών και Εξαγωγέων Εσπεριδοειδών Γιώργοσ Ιωαννίδησ είπε Þτι «η ζηµιά για τον τοµέα τον δικÞ µασ είναι τεράστια». Τα λεφτά που θα χαθούν, ανέφερε, «δεν θα είναι µÞνο για φέτοσ, διÞτι είναι πολύ αµφίβολο αν δουλέψει οποιοδήποτε συσκευαστήριο φέτοσ για να κάνει εξαγωγή». Μίλησε για τον κίνδυνο να εγκαταλείψουν τα περιβÞλια τουσ οι παραγωγοί, εκφράζοντασ τη θέση Þτι «το πλήγµα θα είναι και για τισ οικογένειεσ τουσ και για τουσ εργαζÞµενουσ στον τοµέα τησ συσκευασίασ, αλλά και γενικά για την οικονοµία τησ Κύπρου». Την «αγωνία του γεωργικού κÞσµου» µετέφερε σε σύντοµη δήλωσή του ο Ανδρέασ ΧριστοφÞρου εκ µέρουσ τησ Συνεργατικήσ Ένωσησ ∆ιαθέσεωσ Γεωργικών ΠροϊÞντων (ΣΕ∆ΙΓΕΠ), λέγοντασ Þτι «αναµένουµε Þτι το κράτοσ θα έρθει αρωγÞσ, θα στηρίξει τουσ παραγωγούσ, που σήµερα εργάζονται κάτω απÞ αντίξοεσ συνθήκεσ». ΑπÞ την πλευρά του το Υπουργείο Γεωργίασ τονίζει Þτι παρακολουθεί στενά το θέµα που έχει προκύψει µετά το ρωσικÞ εµπάργκο στισ εισαγωγέσ αγροτικών προϊÞντων απÞ χώρεσ τησ ΕΕ. Επιπλέον, το Υπουργείο παρακολουθεί στενά τισ εξελίξεισ

™Â ÚˆÛÈÎ‹ ÚÔ˘Ï¤Ù· ÂÍÂÏ›ÛÛÂÙ·È ÁÈ· ÙËÓ Â˘Úˆ·˚Î‹ ÔÈÎÔÓÔÌ›· ÙÔ ÂÌ¿ÚÁÎÔ Ô˘ Â¤‚·ÏÂ Ë ƒˆÛ›·, ·fi ÙÈ˜ 7 ∞˘ÁÔ‡ÛÙÔ˘ Î·È ÁÈ· ¤Ó·Ó ¯ÚfiÓÔ, ÛÙÈ˜ ÂÈÛ·ÁˆÁ¤˜ ÔˆÚÔÎËÂ˘ÙÈÎÒÓ, ÚÔ˚fiÓÙˆÓ ÎÚ¤·ÙÔ˜, „·ÚÈÒÓ, Á¿Ï·ÎÙÔ˜ Î·È Á·Ï·ÎÙÔÎÔÌÈÎÒÓ ÚÔ˚fiÓÙˆÓ. ™‡ÌÊˆÓ· ÌÂ ∂˘Úˆ·›Ô˘˜ ÂÌÂÈÚÔÁÓÒÌÔÓÂ˜ ÙÔ ÎÏÂ›ÛÈÌÔ ÙˆÓ ÚˆÛÈÎÒÓ Û˘ÓfiÚˆÓ ÁÈ· Ù· Â˘Úˆ·˚Î¿ ÚÔ˚fiÓÙ· fi¯È ÌfiÓÔ ı· ÂËÚÂ¿ÛÂÈ ÙÈ˜ Â˘Úˆ·˚Î¤˜ ÂÍ·ÁˆÁ¤˜, ·ÏÏ¿ ı· ÚÔÎ·Ï¤ÛÂÈ Î·È ÛÔ‚·ÚÔ‡˜ ÎÏ˘‰ˆÓÈÛÌÔ‡˜ ÛÙÔ ÂÛˆÙÂÚÈÎfi ÙË˜ ∂.∂. ∫·È ·˘Ùfi ÁÈ·Ù› ÔÈ ÔÛfiÙËÙÂ˜ Ô˘ ‰ÂÓ ı· ÌÔÚÔ‡Ó Ï¤ÔÓ Ó· Î·ÙÂ˘ı˘ÓıÔ‡Ó ÛÙË ƒˆÛ›· ı· ·Ó·˙ËÙ‹ÛÔ˘Ó ‰È¤ÍÔ‰Ô ÛÂ ¿ÏÏÂ˜ ·ÁÔÚ¤˜ È¤˙ÔÓÙ·˜ ÙÈ˜ ÙÈÌ¤˜ ÚÔ˜ Ù· Î¿Ùˆ, ÙfiÛÔ ÛÙÔ ÂÛˆÙÂÚÈÎfi ÙË˜ ∂.∂., fiÛÔ Î·È ÛÙÈ˜ ˘¿Ú¯Ô˘ÛÂ˜ ·Ú·‰ÔÛÈ·Î¤˜ ÂÍ·ÁˆÁÈÎ¤˜ ·ÁÔÚ¤˜ ÙˆÓ ∂˘Úˆ·›ˆÓ ·Ú·ÁˆÁÒÓ. ∞˘Ùfi Û˘ÓÈÛÙ¿ «Î·Ïfi Ó¤Ô» ÁÈ· ÙÈ˜ ÙÛ¤Â˜ ÙˆÓ Î·Ù·Ó·ÏˆÙÒÓ, ·ÏÏ¿ ÛÔ‚·Úfi Ï‹ÁÌ· ÁÈ· Ù· ¤ÛÔ‰· ÙˆÓ ·Ú·ÁˆÁÒÓ. στισ Βρυξέλλεσ και αναµένει τα αποτελέσµατα τησ συνάντησησ των εµπειρογνωµÞνων Γεωργίασ και Εµπορίου που θα πραγµατοποιηθεί στισ 14 Αυγούστου και αναλÞγωσ θα ενεργήσει µέσα απÞ τισ δυνατÞτητεσ που παρέχει στην Κύπρο το ΕυρωπαϊκÞ ΘεσµικÞ Πλαίσιο.

ÀÔ¯ÚÂˆÙÈÎ‹ Ë ·›ÙËÛË ÁÈ· ∂∂∂

ª¤¯ÚÈ 29 ∞˘ÁÔ‡ÛÙÔ˘ ÔÈ ·ÈÙ‹ÛÂÈ˜ ÁÈ· ÊÔÈÙËÙÈÎ‹ ¯ÔÚËÁ›·

ΑπÞλυτα αναγκαία και υποχρεωτική είναι η υποβολή αίτησησ για το Ελάχιστο Εγγυηµένο ΕισÞδηµα απÞ λήπτεσ δηµοσίου βοηθήµατοσ και χαµηλοσυνταξιούχουσ, σύµφωνα µε το Υπουργείο Εργασίασ. Προτρέπονται οι ενδιαφερÞµενοι να αποφεύγουν την παραπληροφÞρηση «απÞ φήµεσ και ανεύθυνεσ πληροφορίεσ που φαίνεται Þτι κυκλοφορούν αυτή την περίοδο». Υπενθυµίζεται εξάλλου Þτι οι λήπτεσ δηµοσίου βοηθήµατοσ θα πρέπει να υποβάλουν υποχρεωτικά την αίτησή τουσ µέχρι την 1η Σεπτεµβρίου 2014, σε διαφορετική περίπτωση θα χάσουν το δικαίωµά τουσ στην παροχή του βοηθήµατοσ. Προστίθεται Þτι οι αιτήσεισ υποβάλλονται στα Επαρχιακά Γραφεία των Υπηρεσιών Κοινωνικήσ Ευηµερίασ ή στα κατά τÞπουσ Ταχυδροµικά Γραφεία. Αναφορικά µε τουσ δικαιούχουσ του επιδÞµατοσ χαµηλοσυνταξιούχου, αναφέρεται Þτι πρέπει να υποβληθούν αιτήσεισ µέχρι τισ 8 Σεπτεµβρίου 2014, κάτι που αποτελεί και απαραίτητη προϋπÞθεση για τη συνέχιση τησ καταβολήσ του επιδÞµατοσ. Τέλοσ αναφέρεται Þτι οι αιτήσεισ για την κατηγορία αυτή των δικαιούχων υποβάλλονται στα κατά τÞπουσ Ταχυδροµικά Γραφεία.

Η Υπηρεσία Χορηγιών και ΕπιδοΒάτων του Υπουργείου ΟικονοΒικών καλεί τισ οικογένειεσ φοιτητών, οι οποίεσ εµπίπτουν στισ πρÞνοιεσ τησ νοΒοθεσίασ και δεν έχουν αποταθεί για παραχώρηση φοιτητικήσ χορηγίασ για το ακαδηΒαϊκÞ έτοσ 2013/2014, Þπωσ υποβάλουν τισ αιτήσεισ τουσ, το αργÞτερο µέχρι 29 Αυγούστου 2014. Τονίζεται Þτι η 29η Αυγούστου 2014, ηΒεροΒηνία λήξησ τησ προθεσµίασ υποβολήσ αιτήσεων για παροχή φοιτητικήσ

∫. ∫ÏËÚ›‰Ë˜: ™˘ÓÂ¯›˙ÔÓÙ·È ·‰È¿ÎÔ· ÔÈ ¤ÚÂ˘ÓÂ˜ ÁÈ· ÔÈÎÔÓÔÌ›· Οι ποινικέσ έρευνεσ για τη διακρίβωση των ενÞχων για την κατάρρευση του χρηµατοπιστωτικού συστήµατοσ και την καταστροφή τησ κυπριακήσ οικονοµίασ συνεχίζονται, δήλωσε ενώπιον των Κοινοβουλευτικών Επιτροπών και Εσωτερικών και Οικονοµικών ο ΓενικÞσ Εισαγγελέασ Κώστασ Κληρίδησ, ξεκαθαρίζοντασ Þτι η ποιÞτητα των ερευνών δεν θα θυσιαστεί σε βάροσ τησ επίσπευσησ ούτε και προσ ικανοποίηση των πιέσεων. Ο κ. Κληρίδησ πρÞσθεσε Þτι “οι έρευνεσ θα συνεχιστούν για να ολοκληρωθούν στο χρÞνο που απαιτείται”. Ο ΓενικÞσ Εισαγγελέασ είπε προσ τουσ Βουλευτέσ που έθεσαν επιτακτικά το θέµα τησ ενηµέρωσησ για τισ έρευνεσ πωσ Þταν “η οικονοµία καταστρεφÞταν, κανένασ δεν καταλάβαινε και κανένασ δεν µιλούσε”.

χορηγίασ, θα τηρηθεί αυστηρά και οποιεσδήποτε εκπρÞθεσµεσ αιτήσεισ θα απορρίπτονται. Το έντυπο αίτησησ για την φοιτητική χορηγία Βπορεί να εξασφαλιστεί απÞ τα γραφεία τησ Υπηρεσίασ Χορηγιών και ΕπιδοΒάτων, το Γραφείο Εξυπηρέτησησ στο Υπουργείο ΟικονοΒικών, τα Κέντρα Εξυπηρέτησησ του Πολίτη, καθώσ και απÞ την ιστοσελίδα του Υπουργείου ΟικονοΒικών http://www.mof.gov.cy

™ÙË «ı¤ÛË» ÙÔ˘ Ô µÚ·Î¿˜ ÙË˜ §ÂÌÂÛÔ‡ Στην καθιερωµένη του θέση, στο ∆ηµÞσιο Κήπο Λεµεσού, τοποθετήθηκε η επτά µέτρων φιγούρα του βρακά, ο οποίοσ απÞ τισ 28 Αυγούστου µέχρι τισ 7 Σεπτεµβρίου θα καλωσορίζει τουσ επισκέπτεσ τησ 53ησ Γιορτήσ του Κρασιού. Η διαδικασία τοποθέτησησ του συνοδεύτηκε µε τραγούδια του κρασιού απÞ τη χορωδία “Αρίονεσ”, παρουσία του πολιτιστικού λειτουργού του ∆ήµου, Κλέωνα Αλεξάνδρου, ο οποίοσ δήλωσε πωσ µε την τοποθέτηση του παραδοσιακού βρακά δίνεται και το έναυσµα έναρξησ τησ 53ησ Γιορτήσ του Κρασιού. Σηµείωσε πωσ ο ∆ήµοσ Λεµεσού έχει φροντίσει το πρÞγραµµα φέτοσ να είναι πιο πλούσιο, αναβαθµισµένο και µε αρκετέσ καινοτοµίεσ, ούτωσ ώστε να προσελκύσει περισσÞτερουσ ντÞπιουσ και ξένουσ επισκέπτεσ. Φέτοσ για πρώτη φορά, είπε ο κ. Αλεξάνδρου, θα συµµετάσχει στη γιορτή ο Þµιλοσ οινοφίλων Κύπρου και 14 περιφερει-

ακά οινοποιεία, µε στÞχο να προβάλουν τα δικά τουσ προϊÞντα. Ήταν κάτι που έλειπε απÞ τη γιορτή σηµείωσε, τονίζοντασ πωσ στη γιορτή θα βρίσκονται Þπωσ πάντα και οι τέσσερεισ οινοβιοµηχανίεσ ΕΤΚΟ, ΚΕΟ, ΛΟΕΛ και ΣΟ∆ΑΠ, και το περίπτερο του Υπουργείου Γεωργίασ. Μια απÞ τισ φετινέσ καινοτοµίεσ είναι η διοργάνωση στισ 27 Αυγούστου έκθεσησ ζωγραφικήσ και φωτογραφίασ στο ΠολιτιστικÞ Κέντρο Πάνοσ Σολοµωνίδησ µε θέµα “Το αµπέλι και το κρασί”, ενώ το καλλιτεχνικÞ πρÞγραµµα έχει ενισχυθεί µε νέεσ θεατρικέσ και µουσικοχορευτικέσ παραστάσεισ. Με τη στήριξη του ΚΟΤ, θα προσφέρεται και φέτοσ δωρεάν µεταφορά στη Γιορτή του Κρασιού µε λεωφορεία, για Þσουσ διαµένουν σε Λευκωσία, Λάρνακα, Πάφο και Αγία Νάπα. Τα εγκαίνια τησ 53ησ Γιορτήσ του Κρασιού θα τελέσει το βράδυ τησ 28ησ Αυγούστου ο ΥπουργÞσ Ενέργειασ, Εµπορίου, Βιοµηχανίασ και Τουρισµού Γιώργοσ Λακκοτρύπησ.

ŒÏÏÂÈÌÌ· 1,3 ‰È˜ Â˘ÚÒ ÛÙÔ ÂÌÔÚÈÎfi ÈÛÔ˙‡ÁÈÔ Το έλλειµµα του εµπορικού ισοζυγίου στην Κύπρο ήταν περίπου 1,3 δισ ευρώ την περίοδο Ιανουαρίου – Μαΐου 2014 σε σχέση µε 1,2 δισ ευρώ περίπου την ίδια περίοδο του 2013, σύµφωνα µε στοιχεία τησ Στατιστικήσ Υπηρεσίασ. Σύµφωνα µε τα στοιχεία, οι συνολικέσ εισαγωγέσ/αφίξεισ αγαθών για την περίοδο Ιανουαρίου - Μαΐου 2014 ήταν 1.961,5 εκ. ευρώ σε σύγκριση µε 1.898,0 εκ. ευρώ την περίοδο Ιανουαρίου - Μαΐου 2013.

Οι συνολικέσ εξαγωγέσ/αποστολέσ αγαθών την περίοδο Ιανουαρίου - Μα?ου 2014 ήταν 629,0 εκ. ευρώ σε σύγκριση µε 676,1 εκ. ευρώ την περίοδο Ιανουαρίου - Μα?ου 2013. Το έλλειµµα του εµπορικού ισοζυγίου ήταν 1.332,5 εκ. ευρώ την περίοδο Ιανουαρίου - Μαϊου 2014 σε σύγκριση µε 1.221,9 εκ. ευρώ την αντίστοιχη περίοδο του 2013. Το Μάιο 2014 οι συνολικέσ εισαγωγέσ/αφίξεισ αγαθών ήταν 432,7εκ. ευρώ.

ΧΡΗΜΑ&ΑΓΟΡΑ

13 ΑΥΓΟΥΣΤΟΥ, 2014

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√È ÂÎÙÈÌ‹ÛÂÈ˜ ÙË˜ 1Ë˜ π·ÓÔ˘·Ú›Ô˘ 2013 Î·È ÔÈ ·ÚÂÓ¤ÚÁÂÈÂ˜ ÙÔ˘˜ ∞ÓÙÒÓË˜ §Ô˚˙Ô˘ ∞ÓÙÒÓË˜ §Ô›˙Ô˘ F.R.I.C.S. & ™˘ÓÂÚÁ¿ÙÂ˜ §Ù‰, ∂ÎÙÈÌËÙ¤˜ ∞ÎÈÓ‹ÙˆÓ & ¢È·¯ÂÈÚÈÛÙ¤˜ ŒÚÁˆÓ ∞Ó¿Ù˘ÍË˜

Υπάρχει οµολογουµένωσ µια συγχυσµένη κατάσταση στην νέα εκτίµηση του Κτηµατολογίου για τισ αξίεσ των ακινήτων µε ηµεροµηνία εκτίµησησ την 1η Ιανουαρίου 2013. - Οι εκτιµήσεισ αυτέσ έγιναν πριν το κούρεµα και τησ κατάστασησ που ακολούθησε τον 3/2013 και άρα, κατ’ επέκταση, κάποιοσ ίσωσ να διερωτηθεί Þτι εάν οι εκτιµήσεισ αυτέσ είναι ορθέσ, τÞτε οι σηµερινέσ αξίεσ θα είναι πιο κάτω. - Οι εκτιµήσεισ του 2013 αναφέρονται στη λέξη αξία και Þχι την διεθνή αποδεχθείσα ορολογία τησ Αγοραίασ Αξίασ. ΑυτÞ αποτελεί σύγχυση και ίσωσ η προσθήκη τησ λέξησ Φορολογητέα Αξία να διαφοροποιεί την γνωστή σε Þλουσ µασ Αγοραία Αξία. Εάν αυτÞ δεν γίνει θα υπάρξει η σύγχυση και κατ’ επέκταση θα δηµιουργηθούν διάφορα αρνητικά παρατράγουδα. - Ùταν µια τράπεζα µελετά τισ εξασφαλίσεισ τησ και συγκρίνει την εκτίµηση του δικού τησ εκτιµητή µε εκείνη τησ 1.1.2013, θα διαπιστώσει σε αρκετέσ περιπτώσεισ µεγάλεσ διαφορέσ, είτε προσ τα κάτω είτε προσ τα πάνω, προκαλώντασ σε αυτήν προβληµατισµÞ ποια είναι η ορθή αξία. - Στισ µεταβιβάσεισ ακινήτων ποια αξία θα υιοθετεί το ΚτηµατολÞγιο για σκοπούσ µεταβιβαστικών; Παροµοίωσ σε περιπτώσεισ κεφαλαιουχικών κερδών, απαλλοτριώσεων κλπ, δεν θα επικρατεί σύγχυση ποια αξία είναι η ορθή και κατ’ επέκταση ανάλογα σε τι συµφέρει στουσ ιδιοκτήτεσ να την επικαλούνται; - Η λέξη αξία τησ 1.1.2013 δεν λαµβάνει υπÞψη την

ύπαρξη περιορισµών στο ακίνητο (π.χ. ύπαρξη θέσµιου ενοικιαστή, µακροχρÞνια ενοικίαση, ύπαρξη ή Þχι άδειασ οικοδοµήσ, ύπαρξη ή Þχι µεριδίου - µια και που εκτιµάται Þλο το µερίδιο και διαιρείται απευθείασ κατ’ αναλογία του Þλου. Έτσι π.χ. εάν ένασ είναι ιδιοκτήτησ ενÞσ κτήµατοσ 1.000 τ.µ. 1/2 µερίδιο και είναι κενÞ το δικÞ του κτήµα και στο άλλο ? υπάρχει έπαυλη του 1 εκ. ευρώ, αυτÞ σηµαίνει Þτι ο ιδιοκτήτησ του κενού ? θα πληρώνει τον φÞρο τησ 1/2 έπαυλησ, ενώ κατ’ επέκταση το ? σπίτι του άλλου θα πληρώνει τον φÞρο του 1/2 κενού. ΑυτÞ απÞ µÞνο του είναι ένα θέµα, αλλά πρÞσθετα θα αυξήσει και την κλίµακα του στην φορολογία. ΤαυτÞχρονα οικοδοµέσ παράνοµεσ (χωρίσ άδεια) θα θεωρούνται ωσ νÞµιµεσ για σκοπούσ φορολογίασ; - Κτήµατα τα οποία έχουν περιορισµούσ Þπωσ ζώνη προστασίασ, Natura κλπ, εκτιµώνται ωσ να µην έχουν περιορισµούσ, διÞτι (κατά το ΚτηµατολÞγιο) ο ιδιοκτήτησ θα τύχει (Þταν και εφÞσον) αποζηµίωσησ και άρα δεν λαµβάνεται υπÞψη. Έτσι και ωσ παράδειγµα τα 200 οικÞπεδα που βρίσκονται εντÞσ τησ ζώνησ προστασίασ των διυλιστηρίων και

σχεδÞν απαγορεύεται η ανάπτυξη τουσ, ο περιορισµÞσ αυτÞσ δεν λαµβάνεται υπÞψη. Θεωρητικά ορθή µεν η προσέγγιση του Κτηµατολογίου αλλά εκτÞσ πραγµατικÞτητασ. Επίσησ κτήµατα εντÞσ τησ ζώνησ προστασίασ τησ παραλίασ στα οποία δεν επιτρέπεται η ανάπτυξη τουσ, θα θεωρούνται Þτι έχουν αυτή την δυνατÞτητα, πολλαπλασιάζοντασ έτσι την προηγούµενη τουσ αξία σε µια τελείωσ θεωρητική. - Τι θα γίνεται τώρα µε τουσ πωλητέσ/αγοραστέσ ακινήτων; ∆εν θα επηρεάζεται η ζητούµενη τιµή/προσφορά απÞ την φορολογητέα αξία τησ 1.1.2013; - Τονίζεται Þτι οι αξίεσ θα πρέπει να είναι οµοιÞµορφεσ. Άρα, εάν σε µια π.χ. πολυκατοικία 10 διαµερισµάτων ένασ υποβάλλει ένσταση και τύχει µείωσησ τησ αξίασ, τÞτε χάριν τησ οµοιοµορφίασ θα πρέπει και οι υπÞλοιπεσ 9 µονάδεσ να επανεκτιµηθούν. Στο παράδειγµα αυτÞ το θέµα είναι σχετικά απλÞ, αλλά έχει και επεκτάσεισ σε π.χ. διπλανέσ πολυκατοικίεσ. Άρα πωσ θα επιτευχθεί η οµοιοµορφία τησ Þλησ εκτίµησησ, ενώ ο χρÞνοσ αναπροσαρµογήσ θα είναι τεράστιοσ. Το Þτι έγινε είναι άθλοσ υπÞ αντίξοεσ συνθήκεσ και σε χρÞνο ρεκÞρ, είναι ένα θέµα που απÞ µÞνο του υπονοεί και ύπαρξη λαθών και παραλήψεων. Μέχρισ Þτου Þµωσ αυτÞ διορθωθεί, η Φορολογητέα Αξία θα αποτελεί ένα ακÞµα στοιχείο τησ στρέβλωσησ τησ αγοράσ, σε µια περίοδο που ουδείσ µπορεί να είναι βέβαιοσ για τισ πραγµατικέσ (Αγοραίεσ) αξίεσ των ακινήτων σε περίοδο ελάχιστων πράξεων. Και σαν Þλα αυτά δεν µασ φθάνουν, έχουµε και τουσ “bash” ειδικούσ (τα πολιτικά κÞµµατα) να αναµειγνύονται στο Þλο θέµα. Υπάρχει πρÞταση π.χ. οι εκποιήσεισ να είναι το 80% τησ αξίασ 1.1.2013 (και Þχι οι πραγµατικέσ), άλλη πρÞταση να υπάρχουν κλιµακωτέσ φορολογίεσ, δηλαδή φορολογία πλούτου και Þχι τησ ιδιοκτησίασ. Ùσο για το προτεινÞµενο νοµοσχέδιο για τισ εκποιήσεισ, θα επανέλθουµε αφού µελετήσουµε και την πλειοδÞτηση των “bash” ειδικών επί του θέµατοσ.

√ ·ıÏËÙÈÎfi˜ ÙÔ˘ÚÈÛÌfi˜ ˆ˜ ˘ÏÒÓ·˜ ÔÈÎÔÓÔÌÈÎ‹˜ ·Ó¿Ù˘ÍË˜ ª›· ÂÓ·ÏÏ·ÎÙÈÎ‹ ÌÔÚÊ‹ ÙÔ˘ÚÈÛÌÔ‡ ÌÂ ÌÂÁ¿ÏÂ˜ ÚÔÔÙÈÎ¤˜ ÁÈ· ÙË §¿ÚÓ·Î· ∞Ó‰Ú¤·˜ §Ô˘ÚÔ˘Ù˙È¿ÙË˜ ¢‹Ì·Ú¯Ô˜ §¿ÚÓ·Î·˜ Η σηµασία τησ τουριστικήσ βιοµηχανίασ στισ προσπάθειεσ που καταβάλλει η κυπριακή οικονοµία για να ορθοποδήσει είναι δεδοµένη. Ιδιαίτερα για τισ τοπικέσ κοινωνίεσ, η αξία του τουρισµού σε περιÞδουσ έντονησ και παρατεταµένησ κρίσησ, αποδεικνύεται ακÞµη πιο καθοριστικήσ σηµασίασ. Πεποίθησή µασ είναι Þτι η Λάρνακα διαθέτει τα συστατικά στοιχεία και τισ προϋποθέσεισ για να θεµελιώσει µία πολυπρÞσωπη διάσταση στο τουριστικÞ τησ προϊÞν. Γι αυτÞ και ο εµπλουτισµÞσ του τουριστικού µασ προϊÞντοσ αποτελεί βασικÞ πυλώνα του αναπτυξιακού σχεδιασµού του ∆ήµου Λάρνακασ. Ειδικά σε Þ,τι αφορά τον αθλητικÞ τουρισµÞ, οι προοπτικέσ τησ Λάρνακασ είναι τεράστιεσ. ΠρÞκειται για µία εναλλακτική µορφή τουρισµού που κερδίζει συνεχώσ έδαφοσ και αποκτά µεγαλύτερη σηµασία µε την πάροδο του χρÞνου. Μία εναλλακτική µορφή που µπορεί να συµβάλει στην αντιµετώπιση του προβλήµατοσ τησ εποχικÞτητασ, την αύξηση τησ κατά κεφαλήν δαπάνησ και την αύξηση του επαναλαµβανÞµενου τουρισµού. Αυτή την αναπτυξιακή προοπτική είµαστε αποφασισµένοι να την αξιοποιήσουµε. Η διοργάνωση του ΠαγκÞσµιου Πρωταθλήµατοσ Beach Volley U21, για δεύτερη συνεχή χρονιά, εδραιώνει τη Λάρνακα στον παγκÞσµιο αθλητικÞ χάρτη των µεγάλων διοργανώσεων. Πέρα απÞ το κύροσ που προσδίδουν τέτοιεσ διοργανώσεισ, η φιλοξενία

αθλητικών γεγονÞτων τέτοιασ εµβέλειασ σε εποχέσ δύσκολεσ, αποφέρει πολλαπλά οφέλη και δίνει σηµαντικέσ ανάσεσ στην τοπική οικονοµία. Τέτοιεσ διοργανώσεισ αποτελούν ένα απÞ τα καλύτερα µέσα προβολήσ τησ πÞλησ µασ και συµβάλλουν εποικοδοµητικά στισ προσπάθειεσ ανάδειξήσ τησ ωσ ελκυστικού τουριστικού προορισµού. Η Λάρνακα, ωσ εκ τούτου, δηλώνει πανέτοιµη να αξιοποιήσει την προοπτική που προσφέρει ο αθλητικÞσ τουρισµÞσ, καθώσ διαθέτει την υποδοµή για να φιλοξενήσει κι άλλεσ µεγάλεσ αθλητικέσ διοργανώσεισ στο µέλλον. Η αξιολÞγηση του ∆ήµου Λάρνακασ απÞ τη διεθνή Οµοσπονδία Πετοσφαίρισησ ήταν τέτοια που έχουν ήδη επικοινωνήσει µαζί µασ ώστε να εκδηλώσουµε ενδιαφέρον για διοργανώσεισ παρÞµοιασ εµβέλειασ στο µέλλον. Η Λάρνακα φιλοξένησε επίσησ πρÞσφατα τουσ διεθνείσ αγώνεσ MUAY THAI, µε αθλητέσ απÞ τη Ρουµανία, τη Βουλγαρία, τη Ρωσία, την Ιταλία και την Ελλάδα, οι οποία αναµετρήθηκαν µε τουσ Κύπριουσ πρωταθλητέσ. Την ίδια ηµέρα, διεξήχθη για δεύτερη συνεχή χρονιά και το Παγκύπριο Πρωτάθληµα Beach Handball, σε ειδικά διαµορφωµένο χώρο στην παραλία των Φοινικούδων. Αναµφίβολα, η φιλοξενία αυτών των διοργανώσεων δεν θα ήταν εφικτή χωρίσ τη συµµετοχή εκατοντάδων εθελοντών που µε αφοσίωση και ανιδιοτέλεια βοήθησαν τισ προσπάθειέσ µασ. Τουσ ευχαριστούµε για την πολύτιµη βοήθειά τουσ. Η συµµετοχή των πολιτών στα κοινά αποτελεί βασική προϋπÞθεση τησ προσπάθειασ που έχουµε ξεκινήσει, γι αυτÞ πριν απÞ δύο περίπου χρÞνια δηµιουργήσαµε διάφορεσ οµάδεσ εθελοντών. Οι οµάδεσ αυτέσ συµµετέχουν σε αρκετέσ δράσεισ του ∆ήµου Λάρνακασ µε εξαιρετικά αποτελέσµατα και στÞχοσ µασ είναι να δηµιουργήσουµε ακÞµη περισσÞτερεσ εθελοντικέσ οµάδεσ δράσεων στισ οποίεσ θα συµµετέχουν συνδη-

µÞτεσ µασ. Υπολογίζεται Þτι συνολικά ο τοµέασ του αθλητικού τουρισµού συνεισφέρει στην κυπριακή οικονοµία πέραν των 40.000.000 ευρώ ετησίωσ. Η συνεργασία Þλων των εµπλεκÞµενων φορέων, αλλά και του ιδιωτικού τοµέα, κρίνεται απαραίτητη για την περαιτέρω ανάπτυξη και προώθηση του εξειδικευµένου αυτού τοµέα τησ τουριστικήσ αγοράσ. Με τον σωστÞ προγραµµατισµÞ, ο αθλητικÞσ τουρισµÞσ µπορεί να ενισχύσει σηµαντικά τÞσο την εθνική οικονοµία Þσο και τισ τοπικέσ κοινωνίεσ. Ο ∆ήµοσ Λάρνακασ εργάζεται συγκροτηµένα και µε πρÞγραµµα προσ αυτή την κατεύθυνση, χρειάζεται Þµωσ και την αρωγή του

κράτουσ. Η συνεργασία µασ µε τον ΚΟΑ είναι παραγωγική και αναµένουµε Þτι σύντοµα θα προχωρήσει και η ανάπλαση του Κοινοτικού πολυδύναµου αθλητικού χώρου µε την δηµιουργία γηπέδων αντισφαίρισησ και άλλων χωρών άθλησησ. Ένα έργο που είναι ώριµο κατασκευαστικά και έτοιµο προσ υλοποίηση. Η Λάρνακα πρέπει να συνεχίσει να θεµελιώνει το τουριστικÞ προϊÞν τησ πάνω στα πλεονεκτήµατα µιασ εξειδίκευσησ, επενδύοντασ στην ποιÞτητα και τα στοιχεία που τη διαφοροποιούν, καθώσ και µε την υλοποίηση των αναπτυξιακών έργων που βρίσκονται σε εξέλιξη.Υπάρχουν προοπτικέσ και προχωρούµε οργανωµένα, µεθοδικά, και µε αποφασιστικÞτητα.

ΧΡΗΜΑ&ΑΓΟΡΑ

13 ΑΥΓΟΥΣΤΟΥ, 2014

4 | ΕΙ∆ΗΣΕΙΣ | financialmirror.com

¢ÈÔÚ›· ¤ÍÈ Ì‹ÓÂ˜ ÁÈ· ÂÓÛÙ¿ÛÂÈ˜ Û¯ÂÙÈÎ¿ ÌÂ ÙÈ˜ ÂÎÙÈÌ‹ÛÂÈ˜ ·ÎÈÓ‹ÙˆÓ Άρχισε στην Κύπρο η διαδικασία των ενστάσεων µετά τη δηµοσιοποίηση τησ νέασ Γενικήσ Εκτίµησησ των ακινήτων σε τιµέσ 1.1.2013. Οι τιµέσ είναι διαθέσιµεσ στην ιστοσελίδα του Τµήµατοσ Κτηµατολογίου. Ο ΥπουργÞσ Εσωτερικών Σωκράτησ Χάσικοσ, είπε Þτι ενδεχοµένωσ να υπάρχουν λάθη και παραλείψεισ στισ εκτιµήσεισ. Σύµφωνα µε τον ΥπουργÞ, σε περίπτωση λάθουσ, Þπωσ για παράδειγµα σε περίπτωση που έχει καταγραφεί µια περιουσία ωσ κατοικία ενώ είναι οικÞπεδο, τÞτε ειδοποιείται το ΚτηµατολÞγιο και το λάθοσ διορθώνεται αµέσωσ. Ùσον αφορά τισ ενστάσεισ, ο ΥπουργÞσ ανέφερε Þτι ο φορολογούµενοσ έχει ένα περιθώριο έξι µηνών που δÞθηκε απÞ τη Βουλή για να υποβάλει την ένστασή του η οποία θα εξεταστεί απÞ το Τµήµα Κτηµατολογίου. ΠρÞσθεσε Þτι ανάλογα µε το πÞσο µεγάλο ή µικρÞ είναι το λάθοσ, τÞτε ενδεχοµένωσ ο φορολογούµενοσ να κληθεί να πληρώσει πρÞστιµο ή Þχι. Αν το εκτιµητικÞ λάθοσ που έγινε απÞ το ΚτηµατολÞγιο υπερβαίνει το 25%, τÞτε ο φορολογούµενοσ δεν πληρώνει οποιοδήποτε πρÞστιµο και έρχεται πλέον το ΚτηµατολÞγιο να διορθώσει το λάθοσ του. Αν το λάθοσ είναι µικρÞτερο απÞ 25%, τÞτε ο φορολογούµενοσ θα κληθεί να καταβάλει ένα πρÞστιµο. Ùπωσ διευκρίνισε ο ΥπουργÞσ η πρÞνοια για καταβολή προστίµου µπήκε ωσ ασφαλιστική δικλείδα για να µην γίνεται κατάχρηση του δικαιώµατοσ ένστασησ. Αν για παράδειγµα ο φορολογούµενοσ καλείται να πληρώσει 1250 ευρώ ενώ θα έπρεπε να πληρώσει 750 ευρώ, τÞτε δεν θα πληρώσει πρÞστιµο αφού το λάθοσ που έγινε υπερβαίνει το 25%, ενώ αν κληθεί να καταβάλει 900 ευρώ αντί 1000 ευρώ τÞτε το λάθοσ θεωρείται µικρÞ και θα καταβάλει το

πρÞστιµο. Εν αναµονή τησ έκβασησ µιασ ένστασησ, ο φορολογούµενοσ θα κληθεί να πληρώσει τη φορολογία για το ποσÞ που πιστεύει Þτι αξίζει η περιουσία του. Ùπωσ ανέφερε ο ΥπουργÞσ Εσωτερικών, αν το ΚτηµατολÞγιο εκτιµά ένα ακίνητο στο 1 εκ. ευρώ, ενώ ο ιδιοκτήτησ του θεωρεί Þτι αξίζει µισÞ εκατοµµύριο, τÞτε θα κληθεί να καταβάλει τη φορολογία επί του µισού εκατοµµυρίου και µένει το άλλο µισÞ να εκκρεµεί µέχρι να εξεταστεί η ένσταση. «Το πÞσο χρÞνο θα πάρει για µένα είναι ήσσονοσ σηµασίασ, µε την έννοια Þτι το αποτέλεσµα θα δικαιώσει τον φορολογούµενο, η ∆ηµοκρατία δεν έχει να χάσει τίποτα, άρα θα δουλέψει ο µηχανισµÞσ», ανέφερε ο ΥπουργÞσ. ΑπÞ την άλλη, ανέφερε, πρέπει να έχει δικαίωµα ο φορολογούµενοσ, να γνωρίζει πώσ και µε ποιουσ τρÞπουσ έγινε η καταγραφή και η εκτίµηση. Την ίδια στιγµή, είπε, µέσα απÞ την ιστοσελίδα του, το Υπουργείο φιλοδοξεί να φτάσει στη βάση, έτσι ώστε ο καθένασ εύκολα να µπορεί να γνωρίζει µε ποιουσ τρÞπουσ έγινε η εκτίµηση και ποια είναι η αξία του ακινήτου για να µπορεί να προγραµµατίσει και την αποπληρωµή του σε Þ,τι αφορά τα φορολογικά τέλη. Ο Αναπληρωτήσ ∆ιευθυντήσ του Τµήµατοσ Κτηµατολογίου και Χωροµετρίασ, Κυριάκοσ Τσολάκησ, ανέφερε Þτι η διενέργεια νέασ γενικήσ εκτίµησησ αποτελούσε µνηµονιακή υποχρέωση τησ Κυβέρνησησ και το Τµήµα Κτηµατολογίου κατάφερε κάτω απÞ πραγµατικά δύσκολεσ συνθήκεσ να την ολοκληρώσει εντÞσ των χρονικών ορίων που έχουν καθοριστεί. Είπε Þτι οι κατάλογοι εκτίµησησ βρίσκονται απÞ τισ 25 Ιουλίου σε έντυπη µορφή και

™ÙÔ ‰È·‰›ÎÙ˘Ô ÔÈ ÙÈÌ¤˜ ÙˆÓ ·ÎÈÓ‹ÙˆÓ ÛÙË ∫‡ÚÔ σε ηλεκτρονικÞ αρχείο στα γραφεία των ∆ηµάρχων και Κοινοταρχών για επιθεώρηση. ΑπÞ σήµερα, πρÞσθεσε, το κοινÞ θα µπορεί να πληροφορείται τισ αξίεσ, µέσω τησ ιστοσελίδασ του Τµήµατοσ ή τηλεφωνικά. Παράλληλα ανέφερε Þτι ειδικέσ οµάδεσ απÞ

λειτουργούσ του Τµήµατοσ, επανδρώνουν τα κατά τÞπουσ επαρχιακά γραφεία για ενηµέρωση του κοινού. ¶ÏËÚÔÊÔÚ›Â˜ Ì¤Ûˆ ÙË˜ ÈÛÙÔÛÂÏ›‰·˜ ÙÔ˘ ∆Ì‹Ì·ÙÔ˜ ∫ÙËÌ·ÙÔÏÔÁ›Ô˘ Î·È ÃˆÚÔÌÂÙÚ›·˜ ÛÙÔ www.moi.gov.cy/dls

ÀÔÁÚ·Ê‹ Û˘ÌÊˆÓ›·˜ ·ÔÊ˘Á‹˜ ¢ÈÏ‹˜ ºÔÚÔÏÔÁ›·˜ ∫‡ÚÔ˘ - °Î¤ÚÛÓÂ˚ Σύµβαση για την Αποφυγή Τιπλήσ Φορολογίασ υπογράφηκε στισ 15 Ιουλίου µεταξύ Κύπρου και των κρατών Γκέρσνεϊ, αναφορικά µε ΦÞρουσ πάνω στο ΕισÞδηΒα και στο Κεφάλαιο, καθώσ επίσησ και σχετικÞ ΠρωτÞκολλο. Σύµφωνα µε ανακοίνωση του Υπουργείου Οικονοµικών, το κείµενο που συµφωνήθηκε, µεταξύ των δύο διαπραγµατευτικών οµάδων των δύο κρατών θα συµβάλει στην περαιτέρω ανάπτυξη των εµπορικών και οικονοµικών σχέσεων

µεταξύ τησ Κυπριακήσ ∆ηµοκρατίασ και των κρατών του Γκέρσνεϊ, καθώσ επίσησ και µε άλλεσ χώρεσ. «Η επικαιροποίηση, διατήρηση και η επέκταση του υφιστάµενου δικτύου Συµβάσεων Αποφυγήσ Τιπλήσ Φορολογίασ, οι οποίεσ είναι υψίστησ οικονοΒικήσ και πολιτικήσ σηΒασίασ, στοχεύει περαιτέρω στην ενίσχυση και προσέλκυση ξένων επενδύσεων και στην προώθηση τησ Κύπρου ωσ διεθνούσ επιχειρηµατικού κέντρου», αναφέρεται.

Προστίθεται Þτι η συµφωνία βασίζεται στο Μοντέλο Σύµβασησ για την Αποφυγή τησ Τιπλήσ Φορολογίασ του ΟΟΣΑ. Τα κράτη του Γκέρσνεϊ που αποτελούν µέροσ των νησιών τησ Μάγxησ (Channel Islands) βρίσκονται υπÞ την εξάρτηση του Βρετανικού Στέµµατοσ και είναι γνωστά ωσ κέντρο υπεράκτιων δραστηριοτήτων λÞγω του χαµηλού φορολογικού συντελεστή. Οι χρηµατοπιστωτικέσ δραστηριÞτητεσ αντιπροσωπεύουν περίπου το 37% του ΑΕΠ.

ÀÔÙÚÔÊ›· ÌÂ 25% ¤ÎÙˆÛË ·fi Prime ∆el Î·È Alexander College Το περιοδικÞ τησ PrimeTel, PrimeTime, σε συνεργασία µε το Alexander College προσφέρουν σε ένα τυχερÞ αναγνώστη υποτροφία µε 25% έκπτωση στο κÞστοσ των διδάκτρων! Ένα δώρο συνολικήσ αξίασ 5.212.50 ευρώ για τριετή φοίτηση. Ο διαγωνισµÞσ ξεκίνησε και θα διαρκέσει µέχρι τισ 22 Σεπτεµβρίου 2014. Ùλοι οι ενδιαφερÞµενοι συνδροµητέσ τησ PrimeTel καλούνται να καταχωρήσουν τα στοιχεία τουσ στη σελίδα των διαγωνισµών (www.primetel.com.cy/perks) τησ εταιρείασ. Το Alexander College επισφράγισε πρÞσφατα τη στενή συνεργασία του µε το University of the West of England(UWE) του Bristol και έτσι σήµερα προσφέρει µια σειρά απÞ ανταγωνιστικούσ πτυχιακούσ και µεταπτυχιακούσ τίτλουσ σπουδών βρετανικού πανεπιστηµίου. Τα µαθήµατα παραδίδονται στισ σύγχρονεσ κτηριακέσ εγκαταστάσεισ του Alexander College στη Λάρνακα. Το Alexander College προσφέρει πτυχιακά προγράµµατα για

Νοµική, Εγκληµατολογία, Γραφιστική, ∆ιακÞσµηση Εσωτερικού χώρου, Αρχιτεκτονική Τοπίου, Φωτογραφία, ΜÞδα, Καλέσ Τέχνεσ και ∆ιοίκηση Επιχειρήσεων. Με τη συµπλήρωση των σπουδών του οι φοιτητέσ του κλάδου ∆ιοίκησησ Επιχειρήσεων εξασφαλίζουν 9 απαλλαγέσ απÞ τα 14 µαθήµατα του ACCA που χρειάζονται για τον επαγγελµατικÞ τίτλο του Certified Accountant. Tα µεταπτυχιακά προγράµµατα σπουδών του UWE στο Alexander College απαιτούν 12 µήνεσ για την ολοκλήρωση τουσ. Οι κλάδοι που προσφέρονται είναι τησ Εκπαιδευτικήσ ∆ιοίκησησ, ∆ιοίκησησ Επιχειρήσεων καθώσ και του Design στη ∆ιακÞσµηση Εσωτερικού Χώρου, Γραφιστική και Φωτογραφία. Για το διαγωνισµÞ ισχύουν Þροι και προϋποθέσεισ. Για λεπτοµέρειεσ σχετικά µε το διαγωνισµÞ δεν έχετε παρά να κάνετε κλικ στο www.primetel.com.cy/perks και καλή επιτυχία!

“Buy Leptos” ¤Ó· Ó¤Ô ¤Í˘ÓÔ ÛÏfiÁÎ·Ó ÙË˜ Leptos Estates Με το νέο αυτÞ σλÞγκαν η Leptos Estates φιλοδοξεί να σηµατοδοτήσει µια νέα καινοτÞµο εποχή µε την δηµιουργία πολλών νέων αναπτυξιακών έργων µε ανταγωνιστικά πλεονεκτήµατα φρέσκεσ µαζί µε νέεσ ιδέεσ και ιδανικέσ λύσεισ πάντα µέσα στουσ στρατηγικούσ τησ σχεδιασµούσ για άνοιγµα σ’Þλεσ τισ αγορέσ του κÞσµου. Το “Buy Leptos” ωσ ένα νέο εργαλείο για τον επανακαθορισµÞ του Leptos Group στην διεθνή αλλά και την ντÞπια αγορά δείχνει Þτι η επικοινωνιακή στρατηγική του Οµίλου ανοίγει νέεσ πύλεσ µε νέουσ στÞχουσ και ειδικέσ στοχεύσεισ.

“Ο Ùµιλοσ µασ είναι και θα συνεχίσει να είναι για πάντα ένα ισχυρÞ Þνοµα µε διεθνή ταυτÞτητα και αναγνώριση. Πέραν των παραδοσιακών αγορών καταφέραµε µε επίµονεσ και επίπονεσ προσπάθειεσ να επεκταθούµε και σε νέεσ αγορέσ (Κίνα, ΑραβικÞσ ΚÞλποσ, Ν. Αφρική, Ιράν) Þπου καταφέραµε µια σηµαντική αύξηση στισ πωλήσεισ ακινήτων µε την προσέλκυση εκατοντάδων νέων αγοραστών

και επενδυτών”. Αυτά τÞνισε ο νέοσ ΓενικÞσ ∆ιευθυντήσ του Οµίλου κοσ Πάρισ Γαβριήλ τονίζοντασ επίσησ Þτι θα συνεχίσουν σαν Ùµιλοσ ΛεπτÞσ µέσω τησ επικοινωνιακήσ τουσ πολιτικήσ µε σκληρή δουλειά να κρατήσουν την Κύπρο ψηλά στην λίστα µε τουσ κορυφαίουσ προορισµούσ στον κÞσµο. Ο Ùµιλοσ ΛεπτÞσ µε την συµπλήρωση και τησ φετινήσ χρονιάσ κλείνει ακριβώσ 55 χρÞνια ζωήσ µε αφετηρία το 1960 στην Þµορφη και λατρεµένη Κερύνεια. Με πρωτεργάτη τον γνωστÞ επιχειρηµατία Μιχαλάκη ΛεπτÞ ο Ùµιλοσ είχε Þλα αυτά τα χρÞνια ευρεία και επιτυχή δραστηριÞτητα στουσ τοµείσ ανά-

πτυξησ γησ, ακινήτων και τουρισµού δηµιουργώντασ µοναδικά έργα τÞσο µε προσεγµένη κατασκευή, άριστη ποιÞτητα και παραδοσιακή αρχιτεκτονική και πάντα φιλικά προσ το περιβάλλον. Φάροσ λοιπÞν το παρελθÞν για µια νέα εποχή Þπου µαζί µε τισ νέεσ, τισ µοντέρνεσ και τισ καινοτÞµεσ ιδέεσ θα φωτιστεί και το µέλλον. Σήµερα ο Ùµιλοσ έχει ήδη δηµιουργήσει και συνεχίζει να δηµιουργεί πάνω απÞ 300 πρωτοποριακά αναπτυξιακά συγκροτήµατα, ξενοδοχεία, εµπορικά κέντρα σε προνοµιούχεσ περιοχέσ και έχει υπÞ την κατοχή του εκατοντάδεσ στρέµµατα γησ έτοιµα για ανάπτυξη σε µοναδικέσ τοποθεσίεσ.

ΧΡΗΜΑ&ΑΓΟΡΑ

13 ΑΥΓΟΥΣΤΟΥ, 2014

financialmirror.com | ΕΙ∆ΗΣΕΙΣ | 5

€500.000 ÁÈ· ¤ÚÂ˘Ó· ÛÂ ÌÈÎÚÔÌÂÛ·›Â˜ ÂÈ¯ÂÈÚ‹ÛÂÈ˜ ª¤¯ÚÈ 11 ™ÂÙÂÌ‚Ú›Ô˘ Ë ˘Ô‚ÔÏ‹ ÚÔÙ¿ÛÂˆÓ ÁÈ· ÙÔ ÚfiÁÚ·ÌÌ· Eurostars Τη δυνατÞτητα υποβολήσ προτάσεων στο πλαίσιο τησ 2ησ ΠρÞσκλησησ Υποβολήσ Προτάσεων του Προγράµµατοσ «EUROSTARS 2», έχουν µικροµεσαίεσ επιχειρήσεισ, ερευνητικοί και ακαδηµαϊκοί φορείσ απÞ την Κύπρο. Σύµφωνα µε ανακοίνωση του Ιδρύµατοσ Προώθησησ Έρευνασ (ΙΠΕ), οι φορείσ που θα συµµετάσχουν στο πρÞγραµµα έχουν τη δυνατÞτητα απορρÞφησησ µέχρι και 500.000 ευρώ, που αποτελούν τον ετήσιο προϋπολογισµÞ του Προγράµµατοσ, ενώ καταληκτική ηµεροµηνία υποβολήσ προτάσεων είναι η 11η Σεπτεµβρίου 2014. Το ΠρÞγραµµα «EUROSTARS» αποτελεί πρωτοβουλία του Οργανισµού EUREKA που εντάσσεται στο πλαίσιο του Άρθρου 185 τησ Συνθήκησ τησ ΕΕ, το οποίο προβλέπει την

απÞ κοινού χρηµατοδÞτηση ερευνητικών προγραµµάτων απÞ τισ χώρεσ - µέλη τησ Ένωσησ και την ΕΕ. Στο ΠρÞγραµµα συµµετέχουν τριάντα τρείσ ευρωπαϊκέσ χώρεσ και βασικÞσ του στÞχοσ είναι η ενθάρρυνση ερευνητικά δραστήριων Μικροµεσαίων Επιχειρήσεων-ΜµΕ (R&D Performing SMEs) να συµµετέχουν σε ερευνητικέσ δραστηριÞτητεσ. Τα Έργα EUROSTARS καλύπτουν Þλουσ τουσ τοµείσ τησ τεχνολογίασ. Η υποβολή τησ πρÞτασησ Έργου γίνεται ηλεκτρονικά προσ τη Γραµµατεία EUREKA, απÞ την ερευνητικά δραστήρια συντονίστρια ΜµΕ, η οποία και θα αξιολογήσει τισ προτάσεισ. ΠερισσÞτερεσ πληροφορίεσ: www.research.org.cy.

Συστήνεται Þπωσ οι ενδιαφερÞµενοι επικοινωνούν µε τον αρµÞδιο ΛειτουργÞ του ΙΠΕ, κ. Μαρίνο Πορτοκαλλίδη στο τηλέφωνο +357 22205052 είτε στο ηλεκτρονικÞ ταχυδροµείο mportokallides@research.org.cy. Το Ίδρυµα Προώθησησ Έρευνασ (ΙΠΕ) αποτελεί τον εθνικÞ φορέα, αρµÞδιο για την υποστήριξη και προώθηση τησ έρευνασ, τησ τεχνολογικήσ ανάπτυξησ και τησ καινοτοµίασ στην Κύπρο. Η υλοποίηση τησ αποστολήσ του επιτυγχάνεται µέσα απÞ το σχεδιασµÞ και τη διαχείριση προγραµµάτων επιχορήγησησ ερευνητικών έργων και καινοτοµικών δραστηριοτήτων, σε συνδυασµÞ µε την υποστήριξη τησ ένταξησ κυπρίων ερευνητών σε ερευνητικέσ δραστηριÞτητεσ στον ευρωπαϊκÞ και διεθνή χώρο.

∆Ô Heart Cyprus Ë «‡ÏË» ÛÙËÓ ·ÁÔÚ¿ ÂÚÁ·Û›·˜ Τρεισ απÞ τισ πιο δυνατέσ πλατφÞρµεσ στην Κύπρο, τισ οποίεσ δηµιούργησαν νέοι επιχειρηµατίεσ, ενώνουν δυνάµεισ και την τεχνογνωσία τουσ µε στÞχο την προώθηση τησ επιχειρηµατικÞτητασ και την ανάδειξη ευκαιριών απασχολησιµÞτητασ και καινοτοµίασ. Το AtYourService, το Ergodotisi.com και το Heart Cyprus προχώρησαν σε συµφωνία συνεργασίασ, µε σκοπÞ να βοηθήσουν έµπρακτα Þσουσ επιθυµούν να ενταχθούν στην κυπριακή αγορά εργασίασ, αλλά και Þσουσ φιλοδοξούν να ανελιχθούν επαγγελµατικά. Οι τρεισ οργανισµοί δηλώνουν, Þτι η πρωτοβουλία που αναλαµβάνουν για ενίσχυση τησ επιχειρηµατικÞτητασ και τησ ανάπτυξησ, αποτελεί µÞνο την αρχή µιασ πολλά υποσχÞµενησ συνεργασίασ, η οποία

εντάσσεται στο πλαίσιο τησ εταιρικήσ κοινωνικήσ τουσ ευθύνησ. Με την πεποίθηση Þτι οι νέοι είναι η κινητήριοσ δύναµη πίσω απÞ κάθε εξέλιξη και καινοτÞµο ιδέα, AtYourService, Ergodotisi.com και Heart Cyprus εστιάζουν στη διάδοση και υποστήριξη του επιχειρείν, προσφέροντασ στουσ νέουσ Þχι µÞνο ευκαιρίεσ, αλλά και τα κατάλληλα εργαλεία για να κάνουν το Þραµά τουσ πράξη. ΤÞσο το AtYourService, Þσο και το Ergodotisi.com αποτελούν δύο απÞ τισ πιο πολυσύχναστεσ πλατφÞρµεσ αναζήτησησ εργασίασ. Η µεν πρώτη βοηθώντασ ιδιώτεσ και επιχειρήσεισ να βρουν τουσ καλύτερουσ επαγγελµατίεσ για Þλεσ τισ υπηρεσίεσ – απÞ φωτογράφουσ, µέχρι µάστορεσ και δικηγÞρουσ και η δεύτερη πύλη παρουσιάζοντασ στο κοινÞ Þλεσ τισ κενέσ θέσεισ εργασίασ

που διατίθενται στην κυπριακή αγορά. Το Heart Cyprus, λÞγω τησ παγκύπριασ πρωτιάσ που έχει στα social media, κατέχο-

ντασ την πρώτη σε επισκεψιµÞτητα σελίδα στο Facebook παγκυπρίωσ, αλλά και τησ συνολικήσ απήχησησ που έχει η κεντρική ιστοσελίδα σε Κύπρο και εξωτερικÞ, λειτουργεί ωσ µια άκρωσ αποτελεσµατική δίοδοσ επικοινωνίασ και προώθησησ κάθε ευκαιρίασ, που µπορεί να έχει οποιοσδήποτε πολίτησ τησ Κυπριακήσ ∆ηµοκρατίασ, ο οποίοσ επιθυµεί να αποκτήσει µια θέση εργασίασ. Οι ενδιαφερÞµενοι µπορούν να επισκεφθούν τισ ιστοσελίδεσ των τριών οργανισµών www.AtyourService.com.cy, www.Ergodotisi.com και www.HeartCyprus.com και να αντλήσουν Þλεσ τισ απαραίτητεσ πληροφορίεσ, που θα τουσ βοηθήσουν να βρουν πιο εύκολα και αποτελεσµατικά τισ ευκαιρίεσ απασχÞλησησ και απÞκτησησ εργασιακήσ εµπειρίασ.

M¤¯ÚÈ 23 ∞˘ÁÔ‡ÛÙÔ˘ ÔÈ È‰¤Â˜ ÁÈ· Ú¿ÛÈÓË ÙÂ¯ÓÔÏÔÁ›· Η προθεσµία για συµµετοχή στο CleanLaunchpad, τον µεγαλύτερο ευρωπαϊκÞ διαγωνισµÞ επιχειρηµατικών ιδεών στον τοµέα τησ πράσινησ τεχνολογίασ (cleantech), πλησιάζει! Η Chrysalis LEAP ψάχνει για τισ ιδέεσ που θα εκπροσωπήσουν την Κύπρο και την Ελλάδα στον πανευρωπαϊκÞ διαγωνισµÞ που διοργανώνεται απÞ το Climate-KIC, την κύρια πρωτοβουλία τησ Ευρωπαϊκήσ Ένωσησ για την κλιµατική καινοτοµία. Τελευταία ηµεροµηνία δήλωσησ συµµετοχήσ είναι η 23η Αυγούστου 2014. Η Chrysalis LEAP θα επιλέξει 10 ιδέεσ που θα συµµετάσχουν στο bootcamp που θα πραγµατοποιηθεί στην Κύπρο στισ 12-14 Σεπτεµβρίου, το οποίο θα περιλαµβάνει mentoring, µαθήµατα απÞ έµπειρουσ επαγγελµατίεσ, networking και προετοιµασία για τον εθνικÞ τελικÞ, ο οποίοσ θα πραγµατοποιηθεί στισ 17 Οκτωβρίου. Στον εθνικÞ τελικÞ οι οµάδεσ θα παρουσιάσουν τισ ιδέεσ τουσ µπροστά σε κριτική

επιτροπή που θα δώσει έπαθλα στισ τρεισ καλύτερεσ οµάδεσ και την ευκαιρία να συµµετέχουν στον πανευρωπαϊκÞ τελικÞ που θα πραγµατοποιηθεί στισ 29-31 Οκτωβρίου στη Βαλένσια στην Ισπανία. Ο µεγάλοσ νικητήσ του CleanLaunchpad θα λάβει το ποσÞ των 10,000 ευρώ. Οι ιδέεσ που θα καταλάβουν τη δεύτερη και την τρίτη θέση θα κερδίσουν τα ποσά των 5,000 ευρώ και 2,500 ευρώ αντίστοι-

χα. ΕκτÞσ απÞ τα χρηµατικά έπαθλα, στουσ τρεισ πρώτουσ νικητέσ θα δοθεί η ευκαιρία να συµµετέχουν στο πρÞγραµµα acceleration του Climate-KIC, που περιλαµβάνει 18µηνη επιχειρηµατική εκπαίδευση, που θα τουσ επιτρέψει να αναπτύξουν και να εµπορικοποιήσουν την ιδέα τουσ χρησιµοποιώντασ µέχρι και 95,000 ευρώ ωσ αρχικÞ κεφάλαιο. Ο συνιδρυτήσ τησ Chrysalis LEAP, Αλέξανδροσ Χαραλαµπίδησ, δήλωσε: «Μέχρι τώρα έχουµε λάβει µερικέσ πολύ ενδιαφέρουσεσ ιδέεσ και περιµένουµε να λάβουµε ακÞµα περισσÞτερεσ Þσο πλησιάζουµε στην προθεσµία. Η πράσινη τεχνολογία είναι ένασ σχετικά καινούριοσ τοµέασ στην Κύπρο και την Ελλάδα και είµαστε χαρούµενοι που µέσα απÞ τη διοργάνωση του διαγωνισµού CleanLaunchpad συνεισφέρουµε στο να δηµιουργηθεί το υπÞβαθρο και να δοθούν τα κατάλληλα εργαλεία για την επιχειρηµατική του ανάπτυξη.» Η ∆ιευθύντρια Επικοινωνίασ και

Μάρκετινγκ τησ EY Cyprus, χορηγÞσ τησ Chrysalis LEAP, Κυπρούλα Παπαχριστοδούλου, είπε: «Είναι µεγάλη χαρά να βλέπουµε πÞσο ταλέντο ξεπροβάλλει µέσα απÞ αυτÞ το διαγωνισµÞ και η EY Cyprus είναι περήφανη που χρηµατοδοτεί και στηρίζει τέτοιεσ εξαιρετικέσ πρωτοβουλίεσ, που επικεντρώνονται στη δηµιουργικÞτητα και την επιχειρηµατικÞτητα». Για πληροφορίεσ σχετικά µε το διαγωνισµÞ και για συµπλήρωση αιτήσεων, επισκεφθείτε την ιστοσελίδα http://cleanlaunchpad.eu/application-form/ Η Chrysalis LEAP (Launching Entrepreneurship Acceleration Platform) είναι ο πρώτοσ κυπριακÞσ οργανισµÞσ που εκπαιδεύει νεοφυείσ εταιρείεσ παρέχοντάσ τουσ τα αναγκαία εργαλεία και δεξιÞτητεσ για να µετατρέψουν τισ ιδέεσ τουσ στον τοµέα τησ βιώσιµησ ανάπτυξησ και τησ αντιµετώπισησ των κλιµατικών αλλαγών σε σταθερέσ, αναπτυσσÞµενεσ και εµπορικέσ επιχειρηµατικέσ ιδέεσ.

°È· ÚÒÙË ÊÔÚ¿ Á˘Ó·›Î· ¢ÈÔÈÎËÙ‹˜ ÙË˜ √À¡ºπ∫À¶ Η Νορβηγίδα Υποστράτηγοσ Κριστίν Λουντ, πρώτη γυναίκα διοικητήσ ειρηνευτικήσ αποστολήσ του ΟΗΕ, ανέλαβε επίσηµα τα καθήκοντά τησ ωσ αρχηγÞσ τησ ΟΥΝΦΙΚΥΠ. H ανάληψη των καθηκÞντων τησ έγινε κατά τη διάρκεια σύντοµησ τελετήσ στην προστατευÞµενη απÞ τα Ηνωµένα Έθνη περιοχή, στη Λευκωσία. Η Υποστράτηγοσ Λουντ διαδέχεται τον Κινέζο Υποστράτηγο Τσάο Λιου, ο οποίοσ υπηρέτησε στο πÞστο απÞ τον Φεβρουάριο του 2011 ωσ τον Αύγουστο του 2014. Αναφέρεται Þτι, µιλώντασ κατά την τελετή παραλαβήσ, η Ειδική ΑντιπρÞσωποσ του Γενικού Γραµµατέα του ΟΗΕ στην Κύπρο Λίζα Μπάτενχαϊµ «ευχαρίστησε τον Υποδιοικητή Λιου για την υπηρεσία του και εξήρε την αφοσίωση, τον επαγγελµατισµÞ και την ηγεσία του, προσÞντα που συνέβαλαν στο µέγιστο στισ προσπάθειεσ των Ηνωµένων Εθνών στο νησί». Η νέα ∆ιοικητήσ τησ ΟΥΝΦΙΚΥΠ έχει στο ενεργητικÞ τησ µια διακεκριµένη καριέρα, µε περισσÞτερα απÞ 34 χρÞνια εµπειρίασ στρατιωτικήσ διοίκησησ και διοίκησησ προσωπικού σε εθνικÞ και διεθνέσ επίπεδο. ΑπÞ το αξίωµα του Ταξίαρχου, υπηρέτησε ωσ Υποδιοικητήσ των

Νορβηγικών στρατιωτικών δυνάµεων απÞ το 2007 ωσ το 2009. Το 2009, έγινε η πρώτη Νορβηγίδα γυναίκα αξιωµατικÞσ που προήχθη στο βαθµÞ του Υποστράτηγου και διορίστηκε ωσ ΑρχηγÞσ του Επιτελείου τησ Εθνικήσ Φρουράσ τησ Νορβηγίασ. Το 2014, διορίστηκε στο Υπουργείο Άµυνασ τησ χώρασ τησ ωσ ΒοηθÞσ ΑρχηγÞσ του Επιτελείου Υποθέσεων Βετεράνων. Ùσον αφορά τα Ηνωµένα Έθνη, η νέα ∆ιοικητήσ τησ ΟΥΝΦΙΚΥΠ έχει στο παρελθÞν υπηρετήσει στην ειρηνευτική αποστολή του ΟΗΕ στον Λίβανο (UNIFIL) και τη Βοσνία (UNPROFOR). Σύµφωνα µε την ανακοίνωση τησ ΟΥΝΦΙΚΥΠ, έχει επίσησ µακρά εµπειρία σε πολυεθνικέσ στρατιωτικέσ επιχειρήσεισ, έχοντασ υπηρετήσει στη Σαουδική Αραβία κατά τη διάρκεια τησ Επιχείρησησ Καταιγίδα τησ Ερήµου το 1991, στην Αποστολή Σταθεροποίησησ του ΝΑΤΟ (SFOR) στα Βαλκάνια και στη ∆ιεθνή ∆ύναµη Αρωγήσ για την Ασφάλεια του Αφγανιστάν (ISAF). Αποφοίτησε απÞ την Στρατιωτική Σχολή τησ Νορβηγίασ, το Πανεπιστήµιο Άµυνασ τησ Νορβηγίασ και τη Σχολή Πολέµου των ΗΠΑ, Þπου έλαβε µεταπτυχιακÞ Στρατηγικών Μελετών. Γεννηµένη το 1958, είναι η πρώτη γυναίκα ∆ιοικητήσ ειρηνευτικήσ αποστολήσ των Ηνωµένων Εθνών.

ΧΡΗΜΑ&ΑΓΟΡΑ

13 ΑΥΓΟΥΣΤΟΥ, 2014

6 | ∆ΙΕΘΝΗ | financialmirror.com

∆Ô ÌÂÁ¿ÏÔ ·˙¿ÚÈ ÁÈ· ÙÔÓ ‰È¿‰Ô¯Ô ÙÔ˘ ∂ÚÓÙÔÁ¿Ó Οι θριαµβευτικοί τίτλοι των συµπολιτευÞµενων ΜΜΕ, τα πικρÞχολα σχÞλια των αντιπολιτευÞµενων µέσων και των αντιπάλων του, καθώσ και τα συγκρατηµένα συγχαρητήρια απÞ τουσ περισσÞτερουσ ξένουσ ηγέτεσ ακολούθησαν τη µεγάλη και καθαρή νίκη του Ρετσέπ Ταγίπ Ερντογάν -την ένατη συνεχÞµενη εκλογική αναµέτρηση που κερδίζει τα τελευταία δώδεκα χρÞνια. Πλέον, ωσ ο δωδέκατοσ πρÞεδροσ τησ Τουρκίασ -αλλά ο πρώτοσ που έχει εκλεγεί απευθείασ απÞ τον λαÞ- ο «Ρετσέπ-µπεη» (Þπωσ τον αποκαλούν οι οπαδοί του) καλείται να ολοκληρώσει τον διπλÞ στÞχο που έχει θέσει, σύµφωνα µε τον αθρογράφο τησ γαλλικήσ Liberation, Τσενγκίζ Τσαντάρ: «Να ξαναδώσει στο Ισλάµ τη θέση του στην Τουρκία και να ξαναδώσει στην Τουρκία, κληρονÞµο τησ Οθωµανικήσ Αυτοκρατορίασ, τη θέση τησ στον κÞσµο», Þπωσ αναφέρεται σε άρθρο που δηµοσίευσε η Ηµερισία. Το επÞµενο µεγάλο στοίχηµα του Ερντογάν είναι να βρίσκεται στη θέση του προέδρου -αναλαµβάνει επισήµωσ στισ 28 Αυγούστου- και το 2023, οπÞτε συµπληρώνεται ένασ αιώνασ απÞ την ίδρυση τησ σύγχρονησ Τουρκικήσ ∆ηµοκρατίασ, απÞ τον Κεµάλ Ατατούρκ. Οι προϋποθέσεισ γι’ αυτÞ είναι δύο: αφενÞσ να προχωρήσει ταχέωσ στη µεταρρύθµιση του Συντάγµατοσ ώστε ο ρÞλοσ του να πάψει να είναι διακοσµητικÞσ και αφετέρου να επανεκλεγεί στην προεδρία το 2019. Κι αν το πρώτο µοιάζει σχετικά εύκολο, δεδοµένησ τησ ισχύοσ του και τησ κρίσησ στην αντιπολίτευση, για το δεύτερο κανείσ δεν µπορεί να κάνει προβλέψεισ. Αναµφίβολα δε πολλά θα κριθούν στην οικονοµία,

καθώσ η ταχεία ανάπτυξη ήταν το «κλειδί» για την εµπέδωση τησ πολιτικήσ κυριαρχίασ του Ερντογάν, αλλά και για τη δηµιουργία ισχυρών δεσµών και συµµαχιών µε Þλα τα κοινωνικά στρώµατα. Γι’ αυτÞν ακριβώσ τον λÞγο, το κλίµα στισ αγορέσ ήταν ιδιαιτέρωσ επιφυλακτικÞ -ο δείκτησ στο Χρηµατιστήριο υποχώρησε κατά 2,36%, ενώ η λίρα έχασε τα αρχικά κέρδη τησ έναντι του δολαρίου- ενώ Þλοι αναµένουν µε ενδιαφέρον (και αγωνία) το πρÞσωπο που θα τον διαδεχθεί στην πρωθυ-

πουργία, αλλά και τη σύνθεση του οικονοµικού επιτελείου τησ νέασ κυβέρνησησ. Φαβορί, θεωρούνταν ο νυν υπουργÞσ Εξωτερικών Αχµέτ Νταβούτογλου, ο οποίοσ έχει τρία πλεονεκτήµατα: διαθέτει σοβαρή επιρροή στον κοµµατικÞ µηχανισµÞ του ΑΚΡ, θεωρείται ο εµπνευστήσ του «δÞγµατοσ» που εφαρµÞζεται στην εξωτερική πολιτική, ενώ είναι άνθρωποσ τησ απÞλυτησ εµπιστοσύνησ του Ερντογάν. Οσον αφορά τον απερχÞµενο πρÞεδρο Αµπντουλάχ Γκιουλ, πιθανÞτατα δεν θέλει να «διοριστεί» και να δώσει την εικÞνα ενÞσ υποχείριου του Ερντογάν. Άλλωστε, οι βουλευτικέσ εκλογέσ δεν είναι µακριά (2015), ενώ δεν αποκλείεται η επίσπευσή τουσ. Σε κάθε περίπτωση, Þπωσ ο ίδιοσ ξεκαθάρισε µε δήλωσή του, παραµένει ενεργÞσ στο παιχνίδι: «Υπήρξα ιδρυτικÞ στέλεχοσ αυτού του κÞµµατοσ, ο πρώτοσ πρωθυπουργÞσ του και πρÞεδροσ. Είναι, λοιπÞν, απολύτωσ φυσικÞ να γυρίσω στο κÞµµα µου µÞλισ ολοκληρωθεί η προεδρική µου θητεία». Οι εκτιµήσεισ είναι Þτι ο Ταγίπ Ερντογάν σχεδίαζε να προχωρήσει χωρίσ τον Γκιουλ ωστÞσο έπειτα απÞ το αποτέλεσµα τησ 10ησ Αυγούστου θα πρέπει τώρα να κάνει δεύτερεσ σκέψεισ. Και αυτÞ επειδή µε το 52% που πήρε τα πράγµατα είναι επικίνδυνα για το κÞµµα αν προχωρήσει χωρίσ τον Γκιουλ. Μια προσωπικÞτητα στην ηγεσία του κÞµµατοσ που δεν είναι τÞσο ισχυρή Þσο ο Γκιουλ µπορεί να µην καταφέρει να οδηγήσει το κÞµµα σε µια καθαρή νίκη και τελικά το ΑΚΡ να αναγκαστεί να µοιραστεί την εξουσία σε µια κυβέρνηση συνασπισµού.

19 ·fi ÙËÓ Microsoft ∫ÈÓËÙfi €1 Το κινητÞ για τουσ... φτωχούσ βγάζει η Microsoft η οποία κατασκεύασε ένα τηλέφωνο αξίασ µÞλισ... 25 δολαρίων (19 ευρώ). Το συγκεκριµένο κινητÞ τηλέφωνο απευθύνεται στουσ καταναλωτέσ σε Ασία και Αφρική και αποτελεί µια προσπάθεια τησ αµερικανικήσ εταιρείασ να κερδίσει µερίδιο απÞ τη συγκεκριµένη αγορά που είναι τεράστια αλλά και πολλά υποσχÞµενη. Η Microsoft λάνσαρε το Nokia 130, το οποίο κοστίζει 19 ευρώ και περιγράφεται απÞ την Microsoft ωσ «το ιδανικÞ τηλέφωνο για Þσουσ αγοράζουν πρώτη φορά κινητÞ ή για Þσουσ ψάχνουν ένα αξιÞπιστο δεύτερο κινητÞ πέρα απÞ το smartphone που ήδη έχουν». Το κινητÞ αναµένεται να βγει στην αγορά στο γ? τρίµηνο του τρέχοντοσ έτουσ σε επιλεγµένεσ αγορέσ, συµπεριλαµβα-

νοµένων τησ Κίνασ, τησ Αιγύπτου, τησ Ινδίασ, τησ Ινδονησίασ, τησ Κένυασ, τησ Νιγηρίασ, του Πακιστάν, των Φιλιππίνων και του Βιετνάµ. «Καθώσ η ζήτηση για οικονοµικά κινητά συνεχίζει να αυξάνει, η Microsoft παραµένει προσηλωµένη στον στÞχο να κερδίσει ηγετική θέση στην αγορά κινητήσ τηλεφωνίασ, τÞσο σε επίπεδο καινοτοµίασ, Þσο και τιµών”, σηµειώνει ο Jo Harlow, αντιπρÞεδροσ τησ Microsoft, υπεύθυνοσ για τον τοµέα τησ κινητήσ τηλεφωνίασ. Υπολογίζεται Þτι περίπου 1 δισ. άνθρωποι δεν έχουν ακÞµα κινητÞ, ενώ την ίδια ώρα αυξάνεται η ζήτηση για αξιÞπιστα δεύτερα κινητά, τÞσο στισ ανεπτυγµένεσ, Þσο και στισ αναπτυσσÞµενεσ αγορέσ». Σύµφωνα µε την Microsoft, κάθε χρÞνο πωλούνται περίπου 300 εκατ. κινητά τηλέφωνα που κοστίζουν κάτω απÞ 35 δολάρια.

¶Ò˜ Ë °ÂÚÌ·Ó›· ÛÙÚ·ÁÁ·Ï›˙ÂÈ ÙËÓ Â˘Úˆ˙ÒÓË Ùσοι περίµεναν να πληροφορηθούν απÞ τη συνέντευξη Τύπου του Μάριο Ντράγκι πÞτε -επιτέλουσ!- θα αρχίσει η Ευρωπαϊκή Κεντρική Τράπεζα να τυπώνει χρήµα («ποσοτική χαλάρωση» - QE), για να βγει η ευρωζώνη απÞ την παγίδα του αποπληθωρισµού, µάλλον φεύγουν απογοητευµένοι για τισ διακοπέσ του Αυγούστου Þπωσ αναφέρει κείµενο που δηµοσίευσε «Το Πρώτο Θέµα». Η ΕΚΤ πιθανÞτατα θα κάνει πολύ λίγα και πολύ αργά, καθώσ παραµένει σε οµηρία απÞ τη Γερµανία, που µε τη στάση τησ στραγγαλίζει την οικονοµική ανάκαµψη τησ ευρωζώνησ. Η περιβÞητη Bundesbank µπορεί να µην έχει τυπικά δικαίωµα βέτο στισ αποφάσεισ του συµβουλίου τησ ΕΚΤ, είναι Þµωσ µε διαφορά η ισχυρÞτερη κεντρική τράπεζα τησ Ευρώπησ και διαχειρίζεται τα µεγάλα γερµανικά πλεονάσµατα, γι’ αυτÞ και θεωρείται αδιανÞητο να προχωρήσει η ΕΚΤ σε ένα πρÞγραµµα ποσοτικήσ χαλάρωσησ, χωρίσ την έγκριση τησ Buba. Κάτι τέτοιο, άλλωστε, θα καταρράκωνε την αξιοπιστία τησ ΕΚΤ στο γερµανικÞ κοινÞ, που ωσ γνωστÞν εξακολουθεί να διαµορφώνει τισ αντιλήψεισ του µε βάση τα... αρχαία τραύµατα του υπερπληθωρισµού του µεσοπολέµου. Η γερµανική πλευρά έχει κατ’ επανάληψη καταστήσει σαφείσ τισ θέσεισ τησ εναντίον των υπερβολικών πειραµατισµών τησ ΕΚΤ µε ανορθÞδοξα µέτρα νοµισµατικήσ πολιτικήσ, αλλά ακÞµη και µε πιο «ορθÞδοξεσ» προσπάθειεσ ενίσχυσησ τησ ρευστÞτητασ και µείωσησ του κÞστουσ του χρήµατοσ. Ο υπουργÞσ Οικονοµικών, ΣÞιµπλε, επανειληµµένα έχει δηλώσει Þτι η ΕΚΤ έχει τροφοδοτήσει µε υπερβολική ρευστÞτητα την αγορά και θα πρέπει να την αποσύρει, ενώ ο πρÞεδροσ τησ Buba, Βάιντµαν, έχει δηλώσει Þτι το ευρώ δεν θα είναι βιώσιµο νÞµισµα, αν η ΕΚΤ ακολουθεί πολιτικέσ που κατατείνουν στην αποδυνάµωσή του. Παρά ταύτα, ο πολύ χαµηλÞσ πληθωρισµÞσ εδώ και πολλούσ µήνεσ στην ευρωζώνη, που έχει φέρει το µέσο Þρο πολύ κοντά στο µηδέν και σε µεγάλη απÞσταση απÞ τον ορισµÞ τησ ΕΚΤ για τη σταθερÞτητα των τιµών, η «βουτιά» του πληθωρισµού κάτω απÞ το µηδέν σε οικονοµίεσ του ΝÞτου, Þπωσ η Ελλάδα, αλλά και το... πεισµατικά σκληρÞ ευρώ, που προκαλεί κραυγέσ αγωνίασ απÞ τη Γαλλία για την ανταγωνιστικÞτητα των εξαγωγών, υποχρέωσαν το τελευταίο διάστηµα ακÞµη και

τη «σκληρή» Buba να δώσει µια κατ’ αρχήν θετική ψήφο σε πιθανή µελλοντική εφαρµογή ανορθÞδοξων µέτρων νοµισµατικήσ πολιτικήσ, Þπωσ η ποσοτική χαλάρωση. ΑυτÞ δεν σηµαίνει, Þµωσ, Þτι η Φραγκφούρτη θα αρχίσει τισ βολέσ κατά βούληση και κατά ριπάσ µε τα... νοµισµατικά µπαζούκασ, Þπωσ φάνηκε και απÞ τισ τελευταίεσ δηλώσεισ Ντράγκι. Ο ΙταλÞσ πρÞεδροσ τησ ΕΚΤ δεν έχει στα χέρια του γερµανική εξουσιοδÞτηση για µια σοβαρή παρέµβαση µεγάλησ κλίµακασ, κάτι που θα σήµαινε αναπÞφευκτα και αγορέσ κρατικών οµολÞγων απÞ την ΕΚΤ, αφού µÞνο στα οµÞλογα υπάρχει αρκετή ρευστÞτητα, ώστε να έχει νÞηµα µια παρέµβαση τησ κεντρικήσ τράπεζασ (οι άλλεσ αγορέσ τίτλων τησ ευρωζώνησ είναι πολύ «ρηχέσ»). Έτσι, ο κ. Ντράγκι αρκέσθηκε µÞνο να αναγγείλει Þτι η ΕΚΤ θα εκπονήσει, σε συνεργασία µε ειδικÞ σύµβουλο, ένα πρÞγραµµα αγοράσ Asset Backed Securities (ABS), δηλαδή τίτλων µε αντίκρισµα σε στοιχεία ενεργητικού (π.χ. ακίνητα). ΑκÞµη και αυτÞ, Þµωσ, δεν φαίνεται Þτι θα γίνει σύντοµα, καθώσ αυτή τη στιγµή δεν υπάρχει µια µεγάλη αγορά τέτοιων τίτλων στην ευρωζώνη και, Þπωσ τονίζει ο κ. Ντράγκι, αυτή την φορά θα πρέπει οι τίτλοι που θα εκδοθούν να είναι απλοί και διαφανείσ, για να µην έχουµε επανάληψη των ανωµαλιών που οδήγησαν στη µεγάλη κρίση, µε την έκδοση «τοξικών» τίτλων. Η έκδοση των «απλών» τίτλων ABS, που η ΕΚΤ θα ήταν διατεθειµένη να αγοράσει σε µεγάλη κλίµακα, για να ρίξει ρευστÞτητα στην αγορά, δεν είναι θέµα λίγων ηµερών. Σε πολλέσ χώρεσ θα χρειασθούν αλλαγέσ στο ρυθµιστικÞ πλαίσιο, διευκρίνισε ο κ. Ντράγκι, άρα θα εµπλακούν κοινοβούλια και εποπτικέσ αρχέσ των κρατών µελών. Μέχρι να ολοκληρώσουν την απαιτούµενη προεργασία Þλεσ οι αρµÞδιεσ εθνικέσ αρχέσ, ώστε να αρχίσουν οι τράπεζεσ να εκδίδουν τίτλουσ, είναι άγνωστο πÞσοσ χρÞνοσ θα περάσει, αλλά πάντωσ δεν είναι µια διαδικασία, που εγγυάται Þτι θα φθάσουµε γρήγορα στο ζητούµενο, δηλαδή σε µια σηµαντική τονωτική ένεση απÞ την ΕΚΤ. Μέχρι να δούµε τισ αγορέσ τίτλων, η ευρωζώνη θα πρέπει να αρκεσθεί στο στοχευµένο πρÞγραµµα χορήγησησ ρευστÞτητασ (TLTRO), που ενεργοποιεί αυτÞ τον καιρÞ η ΕΚΤ. Οι τράπεζεσ θα παίρνουν φθηνÞ χρήµα απÞ την ΕΚΤ, υπÞ τον Þρο Þτι θα το δανείζουν στην πραγµατική οικονοµία, κυρίωσ

δηλαδή σε επιχειρήσεισ. Ο κ. Ντράγκι έχει την ελπίδα Þτι αυτÞ το πρÞγραµµα θα αποδειχθεί πολύ αποτελεσµατικÞ, αλλά πολλοί οικονοµολÞγοι έχουν αµφισβητήσει Þτι είναι το φάρµακο που θα σώσει την ευρωζώνη απÞ την ασθένεια του αποπληθωρισµού, που θα µπορούσε να βυθίσει την Ευρώπη σε µια παρατεταµένη στασιµÞτητα ιαπωνικού τύπου. Ο κ. Ντράγκι βλέπει σαν φάρµακο, Þπωσ κατέστησε και πάλι σαφέσ, Þχι την προσφυγή σε µέτρα νοµισµατικήσ πολιτικήσ, αλλά τη λήψη σοβαρών µέτρων διαρθρωτικού χαρακτήρα στισ οικονοµίεσ τησ ευρωζώνησ, κάτι που απηχεί τισ γερµανικέσ αντιλήψεισ, αλλά δηµιουργεί ένα µεγάλο ερώτηµα: ακÞµη και αν ληφθούν διαρθρωτικά µέτρα απÞ Þλεσ τισ κυβερνήσεισ, η απÞδοσή τουσ θα αργήσει. Γιατί δεν θα πρέπει, στο µεσοδιάστηµα, να παρέµβει αποφασιστικά η ΕΚΤ, Þπωσ έχουν κάνει Þλεσ οι µεγάλεσ κεντρικέσ τράπεζεσ, µε πρώτη την Fed; ΓεγονÞσ είναι Þτι, δυστυχώσ, η πολιτική τησ ΕΚΤ εξακολουθεί να βρίσκεται υπÞ γερµανική οµηρία, χωρίσ σοβαρή δυνατÞτητα παρεκκλίσεων απÞ τισ επιταγέσ τησ Bundesbank. Ùµωσ, οι ανάγκεσ τησ γερµανικήσ οικονοµίασ είναι εντελώσ διαφορετικέσ απÞ αυτέσ τησ γαλλικήσ, ή, πολύ περισσÞτερο, των χωρών του ΝÞτου. Αν οι διστακτικέσ και αργέσ παρεµβάσεισ τησ ΕΚΤ εξυπηρετούν θαυµάσια τισ επιδιώξεισ τησ Γερµανίασ, για τισ ασθενέστερεσ οικονοµίεσ ισοδυναµούν µε στραγγαλισµÞ. Και αυτÞ αποτελεί µια απÞ τισ µεγάλεσ απειλέσ για τη βιωσιµÞτητα τησ ευρωζώνησ, Þπωσ τονίζουν πολλοί οικονοµικοί αναλυτέσ.

ΧΡΗΜΑ&ΑΓΟΡΑ

13 ΑΥΓΟΥΣΤΟΥ, 2014

financialmirror.com | ΕΛΛΑ∆Α | 7

∞Ó¿Û· ÁÈ· ÙÈ˜ ÂÏÏËÓÈÎ¤˜ ÙÚ¿Â˙Â˜ Ï›ÁÔ ÚÈÓ Ù· stress tests Θετικά νέα έρχονται για τισ ελληνικέσ τράπεζεσ, καθώσ αποδεκτÞ έκανε η Ευρωπαϊκή Κεντρική Τράπεζα το αίτηµα τησ ελληνικήσ κυβέρνησησ να συνυπολογισθούν στα αποτελέσµατα των stress tests οι εκτιµήσεισ των ελληνικών πιστωτικών ιδρυµάτων για έσοδα απÞ µελλοντικέσ πωλήσεισ περιουσιακών στοιχείων, ενώ συγχρÞνωσ θα προσµετρηθούν και τα κεφάλαια που χρησιµοποιήθηκαν έωσ το τέλοσ Σεπτεµβρίου για αποπληρωµή κρατικήσ βοήθειασ. Τα δύο αυτά στοιχεία διαµορφώνουν νέα δεδοµένα και εκλογικεύουν τισ Þποιεσ αρνητικέσ προβλέψεισ είχαν προηγηθεί και εκπορευθεί απÞ τισ διαφαινÞµενεσ αρνήσεισ τησ ΕΚΤ να αντισταθµίσει κεφαλαιακέσ ανάγκεσ µε τα δεδοµένα τησ αναδιάρθρωσησ των ελληνικών τραπεζών. Η Ευρωπαϊκή Κεντρική Τράπεζα δηµοσίευσε τη µεθοδολογία βάσει τησ οποίασ συνδέεται ο έλεγχοσ ποιÞτητασ στοιχείων ενεργητικού (AQR) µε την άσκηση προσοµοίωσησ, η οποία θα διενεργηθεί απÞ την ευρωπαϊκή αρχή για τισ 128 µεγαλύτερεσ ευρωπαϊκέσ τράπεζεσ, στισ οποίεσ συγκαταλέγονται και οι τέσσερισ συστηµικέσ τράπεζεσ τησ Ελλάδασ (Εθνική, Πειραιώσ, Alpha, Eurobank). Σύµφωνα µε τη µεθοδολογία σύνδεσησ, οι τράπεζεσ µε εγκεκριµένα σχέδια αναδιάρθρωσησ -και εκείνα των ελληνικών τραπεζών έχουν εγκριθεί απÞ την DG Comp(Επιτροπή Ανταγωνισµού) θα αξιολογηθούν

δυναµικά στα έσοδα τησ τριετίασ. Ετσι οι εκτιµήσεισ των µελλοντικών εσÞδων απÞ τισ αναδιαρθρώσεισ των ελληνικών τραπεζών για τη διετία 2014-2016 θα µπουν στη µηχανή «στρεσαρίσµατοσ» τÞσο στο βασικÞ Þσο και στο ακραίο σενάριο των tests, µε τον ίδιο τρÞπο που θα µπουν και οι εκτιµήσεισ για τα προ προβλέψεων κέρδη τησ τριετίασ αυτήσ. Οµωσ, αυτά δεν είναι τα µÞνα θετικά νέα, αφού συνυπολογισµÞσ θα γίνει και Þσον αφορά τα κεφάλαια που οι τράπεζεσ χρησιµοποίησαν προκειµένου να αποπληρώσουν την κρατική βοήθεια, επαναγοράζοντασ προνοµιούχεσ µετοχέσ. Το θέµα αυτÞ αφορά την Τράπεζα Πειραιώσ και την Alpha,

που ήδη προχώρησαν στην παραπάνω ενέργεια. Σε Þ,τι αφορά το πλάνο αναδιάρθρωσησ, ιδιαίτερα θετικά είναι τα νέα για την ΕΤΕ, αφού το συγκεκριµένο σχέδιο περιλαµβάνει, µεταξύ άλλων, την πώληση πακέτου τησ Finansbank σε ποσοστÞ µικρÞτερο του 40%. Ασφαλώσ οι κεφαλαιακέσ ανάγκεσ που θα ανακύψουν για τισ ελληνικέσ τράπεζεσ θα αποµειωθούν κατά το ποσοστÞ των ήδη πραγµατοποιηθέντων εσÞδων που έχουν ανακύψει απÞ κινήσεισ αναδιάρθρωσησ, Þπωσ η µείωση των καταστηµάτων, η µείωση του κÞστουσ λειτουργίασ (εθελουσίεσ έξοδοι) κ.α. Με το ίδιο σκεπτικÞ οι αυξήσεισ

κεφαλαίου που έχουν ήδη διενεργηθεί θα προσµετρηθούν και αυτέσ στα κεφάλαια που διαθέτουν οι ελληνικέσ τράπεζεσ, µολονÞτι πραγµατοποιήθηκαν µέσα στο 2014 και η άσκηση πραγµατοποιείται µε στοιχεία του 2013. Τέλοσ, πιθανή είναι η µετατροπή του αναβαλλÞµενου φÞρου σε φορολογική απαίτηση (tax credit), εφÞσον θεσµοθετηθεί. Τα παραπάνω περιορίζουν αισθητά τισ προβλέψεισ για τυχÞν κεφαλαιακέσ ανάγκεσ των ελληνικών τραπεζών, στοιχείο που οδηγεί στο γÞνιµο συµπέρασµα πωσ το Þποιο µέγεθοσ ανακύψει µετά την άσκηση θα είναι απολύτωσ διαχειρίσηµο απÞ το ελληνικÞ τραπεζικÞ σύστηµα. Οι τράπεζεσ θα έχουν περιθώριο έξι µηνών για την κάλυψη των κεφαλαιακών αναγκών που θα έχουν προκύψει µε το βασικÞ σενάριο και εννέα µηνών αντίστοιχα για το κεφαλαιακÞ έλλειµµα που θα προκύψει µε βάση το δυσµενέσ σενάριο. Τα τελικά αποτελέσµατα τησ συνολικήσ αξιολÞγησησ θα δηµοσιευθούν το δεύτερο δεκαπενθήµερο του Οκτωβρίου. ΕπÞµενοσ στÞχοσ για τισ ελληνικέσ τράπεζεσ, µετά τη διεξαγωγή αυτών των tests, αποτελεί η ιδιωτικοποίησή τουσ, αναφέρουν έγκυροι τραπεζικοί παράγοντεσ. Ασ σηµειωθεί Þτι τον Ιούλιο οι ελληνικέσ τράπεζεσ µείωσαν τη χρηµατοδÞτησή τουσ απÞ την ΕΚΤ κατά 330 εκ. ευρώ.

√È ÂÏÏËÓÈÎ¤˜ ·Ú·Ï›Â˜ «Û˘Ó» ÛÙËÓ ·ÁÔÚ¿ ÂÍÔ¯ÈÎÒÓ Î·ÙÔÈÎÈÒÓ Άνοδο των τιµών των εξοχικών ακινήτων στην Ελλάδα, παρά την κρίση που µαστίζει την κτηµαταγορά, διαπιστώνει ανάλυση τησ εφηµερίδασ die Welt η οποία επιχειρεί µια χαρτογράφηση του συγκεκριµένου κλάδου. Το βασικÞ πλεονέκτηµα τησ ελληνικήσ αγοράσ είναι οι ανοικτέσ παραλίεσ, διαπιστώνει η εφηµερίδα. Αν συγκρίνει κανείσ τισ τιµέσ των ακινήτων σε ελληνικά τουριστικά θέατρα κοντά στη θάλασσα δεν θα πιστέψει Þτι πρÞκειται για την ίδια χώρα µε ποσοστÞ ανεργίασ που ξεπερνά το 28%, µε περικοπέσ στα µηνιαία εισοδήµατα και µε αδυναµία πολλών να εξυπηρετήσουν τα στεγαστικά τουσ δάνεια. Και Þµωσ, ο Γιώργοσ Πετράσ επικεφαλήσ του µεσιτικού γραφείου Engels & Volkers στη ΡÞδο τρίβει τα χέρια του απÞ ικανοποίηση για τα 13.000 ευρώ το τετραγωνικÞ, που πουλάει εξοχικέσ κατοικίεσ στο νησί, Þταν η αγορά κατοικιών στισ πÞλεισ έχει σπάσει. Στο παράδειγµα τησ Ελλάδασ φαίνεται καλύτερα απÞ οπουδήποτε αλλού πÞσο µεγάλη είναι η διαφορά των απλών ελλήνων ιδιοκτητών µε τουσ εύπορουσ ξένουσ που έρχονται να επενδύσουν στην ελληνική αγορά ακινήτων. Ενώ οι τιµέσ στισ µητροπÞλεισ έχουν πέσει κατακÞρυφα στα τουριστικά θέρετρα έχουν µείνει στο ίδιο επίπεδο, ίσωσ να έχουν και αυξηθεί. Ùποιοσ λοιπÞν ψάχνει εκεί για ευκαιρίεσ θα απογοητευτεί. Ο Κρίστιαν Σάιρερ, επικεφαλήσ του µεσιτικού γραφείου Global Immobilien Service G.I.S., στο Αουγκσµπούργκ, ειδικευµένου στα ακίνητα στην Ελλάδα, συµφωνεί Þτι η κρίση στην αγορά θερινών ακινήτων ανήκει στο παρελθÞν. «Στο απÞγειο τησ κρίσησ οι βίλεσ µε θέα τη θάλασσα κÞστιζαν 15%

µε 20%, λιγÞτερο απÞ Þ,τι το 2007. Στο µεταξύ οι τιµέσ έχουν αυξηθεί. Οι αγοραστέσ έρχονται και πάλι µαζικά. ΑπÞ τον περασµένο Φεβρουάριο βιώνουµε ένα πραγµατικÞ ΄µπουµ΄». ΕκτÞσ απÞ τουσ Βρετανούσ, Γερµανούσ, Ολλανδούσ, Αυστριακούσ και Ελβετούσ η ελληνική αγορά ακινήτων έχει ανοίξει και για ενδιαφερÞµενουσ απÞ την Μ. Ανατολή που ψάχνουν για καλοκαιρινή κατοικία στην Ελλάδα. Ο Γιάννησ Πλουµήσ, που αντιπροσωπεύει ξένο µεσιτικÞ γραφείο στην Ελλάδα αναφέρει Þτι πολλοί πλούσιοι Αιγύπτιοι, Ισραηλινοί και Λιβανέζοι ψάχνουν στην Ελλάδα σπίτι ωσ σίγουρο καταφύγιο απÞ τισ κρίσεισ στισ χώρεσ τουσ. ΑπÞ τη Γερµανία έρχονται πολλοί αγοραστέσ για να χτυπήσουν ευκαιρίεσ στην ΠελοπÞννησο, στισ ακτέσ τησ Θεσσαλίασ ή σε ένα απÞ τα 1400 νησιά, αλλά οι περισσÞτεροι φεύγουν απογοητευµένοι χωρίσ να βρουν χαµηλέσ τιµέσ. Μια άλλη κατηγορία γερµανών αγοραστών είναι γιατροί, δικηγÞροι και µικροµεσαίοι επιχειρηµατίεσ. «Ψάχνουν για βίλεσ θεωρώντασ Þτι είναι καλή επένδυση για να αυξήσουν το κεφάλαιÞ τουσ», λέει ο µεσίτησ Κρίστιαν Σάιρερ.

¶ÏÂÔÓÂÎÙ‹Ì·Ù· Το πλεονέκτηµα τησ Ελλάδασ σε σχέση µε την Ισπανία ή την Πορτογαλία είναι Þτι οι ακτέσ τησ δεν είναι χτισµένεσ µε τεράστια συγκροτήµατα κατοικιών απÞ µπετÞν. Το άλλο προτέρηµα τησ Ελλάδασ είναι Þτι οι τιµέσ για αγορά γησ είναι χαµηλÞτερεσ απÞ Þλεσ τισ άλλεσ µεσογειακέσ χώρεσ. Η ελλη-

νική κυβέρνηση στηρίζει αυτή τη ζήτηση δίνοντασ άδεια παραµονήσ πέντε χρÞνων µε δυνατÞτητα παράτασησ σε Þσουσ αγοράζουν ακίνητο αξίασ πάνω απÞ 250.000 ευρώ. Επίσησ για να προσελκύσει αγοραστέσ µείωσε το φÞρο αγοράσ ακινήτου απÞ 10% σε 3%, γεγονÞσ που συµβάλλει στο να ανέβουν στα ύψη οι τιµέσ αγοράσ. Μεγάλο µειονέκτηµα η έλλειψη κτηµατολογίου. Στη γερµανική εφηµερίδα δίνονται τέλοσ οδηγίεσ για το οικονοµικÞ σκέλοσ Þσων θέλουν να αγοράσουν ακίνητο στην Ελλάδα µε την επισήµανση να είναι κοντά στην Αθήνα, τη Θεσσαλονίκη ή την Κρήτη Þπου υπάρχουν πτήσεισ καθηµερινά προσ τη Γερµανία και τον χειµώνα.

H ˙ˆ‹ ÌÂÙ¿ ÙÔ «ÎÚ‡Ô ÓÙÔ˘˜» ·fi ƒˆÛ›· Την εκτίµηση Þτι το εµπάργκο τησ Ρωσίασ µπορεί να µπλοκάρει την έξοδο τησ Ελλάδασ απÞ την ύφεση εντÞσ του 2014, εκφράζει το πρακτορείο Bloomberg. Επικαλείται Ελληνεσ αναλυτέσ που θεωρούν Þτι αν και το συνολικÞ κÞστοσ του εµπάργκο µπορεί να φαίνεται διαχειρίσιµο, οι συνέπειέσ του µπορεί να προκαλέσουν ζηµία σε βιοµηχανίεσ, Þπωσ ο τουρισµÞσ και ο αγροτικÞσ τοµέασ, τη στιγµή που η εύθραυστη ελληνική οικονοµία ανακάµπτει αργά. Σοβαρά ερωτήµατα ανακύπτουν εξάλλου και για την ενεργειακή ασφάλεια τησ χώρασ το φθινÞπωρο και τον χειµώνα. Η Ρωσία είναι ο µεγαλύτεροσ εµπορικÞσ εταίροσ τησ Ελλάδασ, µε την αξία των συνολικών εµπορικών συναλλαγών µεταξύ των δύο χωρών να φθάνει στα 9,3 δισ. ευρώ το 2013. Το µεγαλύτερο µέροσ των συναλλαγών αυτών αφορούν στο φυσικÞ αέριο και το πετρέλαιο. Οι ελληνικέσ εξαγωγέσ προσ τη Ρωσία το 2013 διαµορφώθηκαν στα 405 εκατ. ευρώ. Η εξασθένηση που παρουσίασε το ρούβλι, το οποίο έχασε

5% σε σχέση µε το δολάριο τον τελευταίο µήνα, µετά τισ κυρώσεισ και τισ εξελίξεισ στην Ουκρανία, µπορεί να οδηγήσει σε µείωση των αφίξεων Ρώσων τουριστών κατά 200.000 και σε απώλεια 300 εκατ. ευρώ για τη µεγαλύτερη βιοµηχανία τησ χώρασ, που είναι ο τουρισµÞσ. Οι αφίξεισ απÞ την Ουκρανία το 2014 θα πέσουν κατά 50%, ενώ οι αφίξεισ απÞ τη Ρωσία δεν αναµένεται να ξεπεράσουν το 1,1 εκατοµµύριο τουρίστεσ, απÞ 1,35 εκατ. τουρίστεσ το 2013, εκτιµά ο ΣΕΤΕ. Ο τουρισµÞσ συνεισφέρει περισσÞτερο απÞ το 16% του ΑΕΠ και η Ρωσία ήταν η ταχύτερα αναπτυσσÞµενη αγορά για την ελληνική τουριστική βιοµηχανία. Το 2013 οι ταξιδιωτικέσ εισπράξεισ απÞ τη Ρωσία είχαν αυξηθεί κατά 42% στα 1,34 δισ. ευρώ, σύµφωνα µε την Τράπεζα τησ Ελλάδοσ. Η Ευρωπαϊκή Επιτροπή εκτιµά Þτι η ελληνική οικονοµία θα παρουσιάσει ανάπτυξη κατά 0,6% το 2014 -καταγράφοντασ θετικÞ ρυθµÞ για πρώτη φορά απÞ το 2007- και κατά 2,9% το

2015. Οσον αφορά στον αγροτικÞ τοµέα, το πλήγµα απÞ το ρωσικÞ εµπάργκο είναι πιο δύσκολο να εκτιµηθεί. Αναλυτέσ εκτιµούν Þτι οι χειρÞτερεσ επιπτώσεισ µπορεί να προέλθουν έµµεσα, καθώσ το εµπάργκο στα φρούτα και τα λαχανικά τησ Ε.Ε. σηµαίνει Þτι µεγάλεσ ποσÞτητεσ φρέσκων οπωροκηπευτικών θα πληµµυρίσουν ξαφνικά τισ αγορέσ, προκαλώντασ απÞτοµη πτώση των τιµών σε Þλη την Ευρώπη, εξέλιξη που θα πλήξει τÞσο τον Þγκο Þσο και την αξία των ελληνικών εξαγωγών προσ τισ άλλεσ χώρεσ. Η ρωσική αγορά απορροφά το 1,5% των συνολικών εξαγωγών τησ χώρασ. Τα αγροτικά προϊÞντα αντιστοιχούν στο 41% των συνολικών εξαγωγών προσ τη Ρωσία και το 2013 η αξία τουσ ήταν κάτω απÞ τα 200 εκατ. ευρώ. ΩστÞσο η Ρωσία αγοράζει το 1/4 τησ παραγωγήσ ροδάκινων και το 50% τησ παραγωγήσ φράουλασ. Οι εξαγωγέσ προσ τη Ρωσία έπεσαν 26,1% τουσ πρώτουσ τέσσερισ µήνεσ του 2014, στα 84,9 εκατ. ευρώ.

ΧΡΗΜΑ&ΑΓΟΡΑ

13 ΑΥΓΟΥΣΤΟΥ, 2014

8 | ΑΓΟΡΑ | financialmirror.com

ºÈÏ·ÓıÚˆÈÎ‹ ÂÎ‰‹ÏˆÛË ·fi ÙÔÓ ŸÌÈÏÔ ¶ËÏ·ÎÔ‡Ù·

KEO Î·È Ô‰fiÛÊ·ÈÚÔ ¿ÓÂ Ì·˙› Μπύρα και ποδÞσφαιρο πάνε µαζί. Γι’ αυτÞ και η µπύρα ΚΕΟ σε συνεργασία µε 40 µπαρ σε Þλη την Κύπρο έδωσε την ευκαιρία στουσ φίλουσ τησ να απολαύσουν το ΠαγκÞσµιο Κύπελλο και να κερδίσουν πλούσια δώρα. Μπαίνοντασ στην ειδική ιστοσελίδα που δηµιούργησε η µπύρα ΚΕΟ, οι καταναλωτέσ στα KEO OFFICIAL SUPER FOOTBALL BARS διεκδικήσαν τα δώρα που έδινε η ΚΕΟ σε συνεργασία µε την Ηλεκτρονική Κύπρου. Μέσα απÞ χιλιάδεσ συµµετοχέσ, οι τυχεροί κέρδισαν smart τηλεοράσεισ SONY, Blu-ray players, season tickets τησ αγαπηµένησ τουσ Κυπριακήσ Οµάδασ και ποτήρια ΚΕΟ µε το Þνοµα τουσ. To φετινÞ καλοκαίρι ήταν σουπερ ποδοσφαιρικÞ µε σούπερ τυχερούσ και άφθονη παγωµένη µπύρα ΚΕΟ. Στην φωτογραφία ο µεγάλοσ τυχερÞσ Αντώνησ Χατζηαντωνίου, µε τον Band Manager τησ µπύρασ ΚΕΟ Γιώργο Γεωργίου και τον ∆ιευθυντή τησ ΗΛΕΚΤΡΟΝΙΚΗΣ Βαγγέλη Κακογιάννη.

ŒÍÈ Ó¤· ‰ÚÔÌÔÏfiÁÈ· ·fi ÙËÓ Etihad Airways ÙÔ 2015 Η Etihad Airways, ο εθνικÞσ αεροµεταφορέασ των Ηνωµένων Αραβικών Εµιράτων, ανακοίνωσε Þτι πρÞκειται ναι εντάξει έξι νέα δροµολÞγια στο πτητικÞ τησ πρÞγραµµα κατά το πρώτο εξάµηνο του 2015. Συγκεκριµένα, θα αρχίσει καθηµερινέσ πτήσεισ προσ Μαδρίτη, Εδιµβούργο, Καλκούτα και Εντέµπε (Ουγκάντα). Κατά τουσ πρώτουσ έξι µήνεσ του 2015 η Etihad Airways προγραµµατίζει επίσησ τη λειτουργία τεσσάρων πτήσεων την εβδοµάδα προσ Χονγκ Κονγκ και τριών πτήσεων την εβδοµάδα προσ Αλγέρι. Επιπλέον, στισ καθηµερινέσ πτήσεισ τησ Etihad Airways προσ Μπρίσµπεϊν (Αυστραλία), που λειτουργούσαν µέχρι σήµερα µέσω Σιγκαπούρησ, θα υπάρχει άµεση σύνδεση απÞ τον Ιούνιο του 2015 προσφέροντασ την πρώτη πτήση χωρίσ στάση µεταξύ τησ πÞλησ και του Αµπού Ντάµπι. Με την προσθήκη των έξι νέων δροµολογίων, κατά το πρώτο εξάµηνο του 2015, το παγκÞσµιο δίκτυο τησ Etihad Airways θα αυξηθεί στουσ 107 προορισµούσ.

°Â˘ÛÙÈÎfi Ù·Í›‰È ·Ú¤· ÌÂ Wagamama ΠερισσÞτεροι απÞ 100 τυχεροί µαθητέσ είχαν την ευκαιρία να ζήσουν την εµπειρία wagamama. Μια µέρα γεµάτη γνώση, διασκέδαση, εξαιρετικÞ φαγητÞ, δώρα και χαµογελαστά πρÞσωπα. Η οµάδα του wagamama φρÞντισε να ετοιµάσει ένα απίθανο πρÞγραµµα που απÞλαυσαν Þλα τα παιδιά ανεξαιρέτωσ. Οι µισοί µαθητέσ κατέφθασαν στισ 9.30 το πρωί ενώ οι υπÞλοιποι στισ 10.30π.µ. για την ίδια παρουσίαση, πριν µαζευτούν Þλοι µαζί για το µεσηµεριανÞ τουσ γεύµα. Οι µαθητέσ παρακολούθησαν µία λεπτοµερή ξενάγηση στην ανοιχτή κουζίνα του εστιατορίου, Þπου ο διευθυντήσ τουσ εξήγησε τα πάντα για το wagamama, ενώ παράλληλα τα παιδιά έβλεπαν µπροστά στα µάτια τουσ πωσ φτιάχνονται οι τέλειεσ µπάλεσ ρυζιού, αλλά και µερικά απÞ τα πιο απολαυστικά πιάτα, Þπωσ το mini chicken katsu, τα grilled chicken noodles κ.α.

∏Ì¤Ú· ·ÊÈÂÚˆÌ¤ÓË ÛÙ· ·È‰È¿ ·fi ÙÔ πÓÛÙÈÙÔ‡ÙÔ IMS Ηµέρα Γνωριµίασ και ενηµέρωσησ για υποψήφιουσ µαθητέσ και τουσ γονείσ τουσ, διοργάνωσε το πρÞτυπο Ινστιτούτο Μαθηµατικών και Άλλων Επιστηµών IMS, στισ εγκαταστάσεισ του Ινστιτούτου στη ΛεµεσÞ. Κατά τη διάρκεια τησ εκδήλωσησ, παιδιά και γονείσ, είχαν την ευκαιρία να ενηµερωθούν σχετικά µε τα προγράµµατα που προσφέρει το Ινστιτούτο και να παρακολουθήσουν µια εκτεταµένη παρουσίαση του προγράµµατοσ ΙΜS Selective απÞ το ∆ιευθυντή Παύλο Παυλίδη. Μια άλλη σηµαντική καινοτοµία του ΙΜS επεσήµανε, είναι η ανάπτυξη τησ ισÞτητασ ευκαιριών στην εκπαίδευση, καταργώντασ τισ ηλικίεσ και διευκολύνοντασ την πρÞσβαση Þλων στην εκπαίδευση και στην κατάρτιση. Μαθητέσ που επιθυµούν να ολοκληρώσουν τη σχολική τουσ φοίτηση νωρίτερα εξήγησε ο κ. Παυλίδησ, έχουν τη δυνατÞτητα σε οποιαδήποτε ηλικία µπορούν να ανταποκριθούν, να επιλέξουν το πρÞγραµµα ΙΜS Selective το οποίο προσφέρει απεριÞριστουσ συνδυασµούσ µαθηµάτων. Για περισσÞτερεσ πληροφορίεσ σχετικά µε το IMS στο τηλ 25333003

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Μεγάλη επιτυχία σηµείωσε η φιλανθρωπική εκδήλωση που οργάνωσε ο Ùµιλοσ Πηλακούτα στην Πάφο στο F & K Automatic Car Wash, παρέα µε το µουσικÞ δίωρο live link του Ράδιο Πάφοσ. Πολλοί ήταν αυτοί που παρευρέθηκαν για ένα δωρεάν πλύσιµο του αυτοκινήτου τουσ, προσφέροντασ ωσ αντάλλαγµα µια σακούλα αγάπησ µε τρÞφιµα, τα οποία διατέθηκαν στο ΚοινωνικÞ Παντοπωλείο Πάφου για τισ άπορεσ οικογένειεσ. ΤαυτÞχρονα, Þσοι έδωσαν το παρών τουσ είχαν την ευκαιρία να κάνουν test drive στα αυτοκίνητα του Οµίλου Πηλακούτα ΒΜW, MINI, RANGE ROVER, JAGUAR και NISSAN, αλλά και τη δυνατÞτητα, φυσικά, να τα αποκτήσουν σε πολύ ειδικέσ τιµέσ. Ο Ùµιλοσ Πηλακούτα ευαισθητοποιείται απÞ τα προβλήµατα που αντιµετωπίζει η κοινωνία µέσα στην οποία δραστηριοποιείται και, µέσα απÞ πρÞγραµµα Κοινωνικήσ Εταιρικήσ Ευθύνησ, φροντίζει να προσφέρει στουσ συνανθρώπουσ µασ µε συχνέσ ενέργειεσ κατά την διάρκεια τησ χρÞνιασ.

™Ùo Aphrodite Hills Ë «∫ÔÚ˘Ê·›· ™Ô˘›Ù·» Το πολυβραβευµένο, πέντε αστέρων, InterContinental Aphrodite Hills Resort Hotel αναδείχτηκε για την Κύπρο ωσ η Κορυφαία Σουίτα Ξενοδοχείου – Η Προεδρική Σουίτα “Eνάλια” στα φετινά βραβεία World Travel Awards (WTA), ανεβάζοντασ τον αριθµÞ των βραβείων που έχει λάβει συνολικά στα WTA στα εννέα απÞ την έναρξη τησ λειτουργίασ του το 2005 έωσ σήµερα. Επίσησ για πρώτη φορά αναδείχτηκε και τα Aphrodite Hills Holiday Residences ωσ Κορυφαία Holiday Residences (Κατοικίεσ) τησ Κύπρου. Τα World Travel Awards θεωρούνται ωσ τα πιο διάσηµα και περιζήτητα βραβεία, απÞδειξη για την παροχή ποιοτικών προτύπων υψηλού επιπέδου στην παγκÞσµια βιοµηχανία του ταξιδιού και του τουρισµού. Τη φετινή χρονιά συµµετείχαν στην ψηφοφορία περισσÞτεροι απÞ 213.000 επαγγελµατίεσ του τουρισµού. Το ξενοδοχείο InterContinental και η Holiday Residences αποτελούν µέροσ του τουριστικού θερέτρου Aphrodite Hills, ενÞσ απÞ τα πιο µεγαλειώδη τουριστικά projects που έγιναν στην περιοχή τησ Μεσογείου και µια απÞ τισ πιο ολοκληρωµένεσ τουριστικέσ επενδύσεισ στο κÞσµο. Οι διακρίσεισ αυτέσ αποτελούν κορυφαία αναγνώριση, αφενÞσ για τισ εγκαταστάσεισ αλλά και για τισ υπηρεσίεσ υψηλού επιπέδου που προσφέρονται σε Þλο το resort και ανεβάζει την εικÞνα του διεθνώσ, ξεχωρίζοντάσ το ακÞµη περισσÞτερο απÞ τον ανταγωνισµÞ. Τα World Travel Awards ξεκίνησαν το 1993.

August 13 - 26, 2014

financialmirror.com | PROPERTY | 17

European real estate stock down by 1.8% Ukraine, Gaza, Argentina, Portugal and Adidas – geopolitical conflicts, debt crises and profit warnings triggered a downward trend in the European stock markets last week. The EuroStoxx 50 and Dax consequently dropped 3.2% and 4.5%, respectively. Compared to the stock market as a whole, the European real estate stock market acquitted itself well, dropping a modest 1.8%. In this respect, peripheral stock (Immobiliare Grande Distribuzione S.p.A., ?7.9%) and

stock with commitments in Russia (Immofinanz AG; ?9.1%) counted amongst the heaviest losers. The biggest winner was Dutch company Corio N.V., which gained 9.9% after French rival Klepierre S.A. presented a take-over offer a good 15% higher than the previous day’s closing price. Both the management and largest shareholder at Corio N.V. support the offer, which most analysts deem to be attractive. In contrast, Klepierre S.A. shares fell 3.6% last week.

Time of the asset management specialists Open-ended and closed-end investment funds are emerging from their most severe crisis in decades. Large segments of the market have collapsed. The sheer number of formerly prominent investment companies that pulled out of the market is a clear message.

By Dr. Rainer Zitelmann The survivors are the ones with pronounced asset management competency and a spe-cialised skill set. To back my observation I will tell you about some of the successful players, many of which have been our clients – giving me every opportunity to monitor their performance: - Things are going very well indeed for specialists like Jamestown – both in the retail client business and in the institutional client business. Going completely against the market trend, this specialist in US real estate collected $700 mln in equity, some $384 mln of which from private investors. It was the third best result in the annals of the company – and this in a year that was slower than any other for closed-end funds as a group. - In the institutional fund sector, specialists like Beos (corporate real estate) or Redos (large-scale retail real estate) effortlessly raised nine-figure sums among institutional investors. - Similarly, specialists in asset management of residential real estate – such as Wertgrund or d.i.i. – have had no trouble riasing massive amounts for their investment fund solutions or their separate accounts. Formerly vastly successful fundraising machines – such as MPC or Ideen-kapital – have more or less vanished from the market. They purported to be competent at everything – ships and private equity, European and US real estate, film funds and second-hand life insurance policies, aircraft, you name it – but ultimately failed to deliver truly impressive returns in any of these segments. These days, it is no longer good enough to be a brilliant fundraiser, even if fundraising has lost none of its significance. Both private and institutional investors have

become more critical. They tend to have more faith in specialists than in generalists. This is why those providers that used to offer a plethora of asset classes and fund types have lately trimmed their focus down to one or two asset classes – gaining immensely in credibility. Institutional fund providers, too, manifest a trend toward specialisation. Remember the time when “oik” dominated the market with a share of more than 50%? At the time, specialised funds were virtually unknown. Most funds used to invest – just like the public funds did – across asset classes (bypassing only residential property, which was a mistake). Then came LB ImmoInvest with its “building block” funds (“Bausteinfonds”), offering investment funds for specific use types. Today, specialised funds that focus on specific themes are virtually the only ones left. And more and more often, they are run by specialised asset managers. Gone are the days when it sufficed to compile a pretty prospectus with “easy” properties (ideally let on a 15-year lease to Deutsche Telekom) and to prepare a fantastic story for the sales team (about a Ferris wheel in Singapore perhaps or a giant oil rig, etc.). Over many years, some initiators made a lot of money this way. They are no longer in the market, though. The market players who remain are the ones with a demonstrable track record in asset management. They need not necessarily be specialists with a narrow focus, but they happen to be that, too, as often as not. The fund industry would do well to learn from Apple and Steve Jobs. During the 1990s, Apple made the same mistake many companies make when it steadily expanded its product range. But in 1998, Steve Jobs slashed the number of products from 350 down to ten. A decade later he told Fortune Magazine in an interview: “Certainly the great consumer electronics companies of the past had thousands of products. We tend to focus much more. People think focus means saying ‘yes’ to the thing you’ve got to focus on. But that’s not what it means at all. It means saying ‘no’ to the hundred other good ideas that there are.” Dr. ZitelmannPB. GmbH is Germany’s leading consulting company for the positioning and communication of real estate companies and fund companies. www.zitelmann.com or info@zitelmann.com

Lois delivers Larnaca public parking Lois Builders recently delivered the 200-space Phinikoudes Multipark in Larnaca, the first project assigned by the municipality under a BOT (build-operatetransfer) contract. Lois subsidiary Lois Parking Ltd., will manage the six-storey parking space behind the ‘laiki yitonia’ and near the busy coastal road. This is the first of three projects undertaken by the company as it plans to deliver another parking centre on the central commercial Ermou road in Autumn 2015 and the third one in Limassol’s Anexartisisas within 2016.

Mykonos Theoxenia ready after revamp, wins Trip Advisor award The Mykonos Theoxenia, the luxury boutique hotel situated right next to the famous windmills of Mykonos, welcomes its guests this year with a new and revamped look after a complete renovation of its lobby and health club and with its restaurant being refreshed, the glam of the 1960s is prominent once again. The hotel also another recognition to its mantlepiece with the ‘Trip Advisor 2014 Certificate of Excellence’ for the ratings it received from guests. The lobby has been refreshed in a way that fully reflects the vast history and unique architecture of the Mykonos Theoxenia offering a sense of complete relaxation and a soothing ambience. Its lobby differs from other more conventional ones, since it constitutes an oasis of tranquility and euphoria. It is the perfect setting to relax while reading a book or enjoy a cool cocktail at the bar. Loved by Jackie Kennedy Onassis and preferred by an array of eternal stars such as Grace Kelly, the Mykonos Theoxenia was built at the beginning of the 1960s by the renowned Greek architect Ares Konstantinides. Today, it is owned by the Louis Group and is a member of the Design Hotels of the world, attracting the jet set from around the globe to its inviting retro style and the glamour. In all, it offers 38 deluxe rooms and 12 exquisite suites of unique style, a free form swimming pool with a revitalizing Jacuzzi, a revamped health club, lush green gardens, an inside and outside bar and a restaurant with its unique cuisine right on the water and with stunning views to a sunset over a whitewashed chapel, a scene that has become typical of Mykonos.

August 13 - 26, 2014

18 | WORLD MARKETS | financialmirror.com

The paradox of politics under Erdogan By Oren Laurent President, Banc De Binary

On Sunday, Turkey was tasked for the first time with electing its President. Recep Tayyip Erdogan, barred from standing as Prime Minister for a fourth time, won with a distinct 52% of the vote. Somewhat controversially, he amended the constitution after a referendum in 2007 stating that the presidency should be publicly elected and has announced that because of this, the office will now hold greater power. What does his victory mean for Turkey’s future? Under Erdogan, Turkish politics has become a series of paradoxes. In his eleven years in power, the economy has grown an average 5% per year, but this has coincided with a more authoritarian style of politics. He represents democracy but according to the Committee to Protect Journalists, Turkey was the leading jailor of journalists in the last years. The investments in public and private infrastructures, from railways to shopping malls, have gained Erdogan popularity at home, but his foreign policy has led to criticism abroad. Notably, at the start of the Arab Spring in 2011, Erdogan presented Turkey as a model of Muslim culture meeting Western democracy, yet Turkey’s economic success has helped to fund the

anti-Western Muslim Brotherhood in Egypt and Hamas in Gaza. This disharmony looks set to continue. Not only will Erdogan hold sway as President, but it is highly likely that his AKP party will choose as their next leader someone in line with Erdogan’s agenda. On his election campaign earlier this month, he vowed both that “Turkey will be one of the world’s ten biggest economies by 2023” and that he will continue to crack down on political foes. Yet how long can Turkey flourish in a global economy if it cannot assert its

dominance overseas? Sitting on the border of Europe and the Middle East, Ankara could have played an important diplomatic role in working towards a ceasefire agreement between Israel and Hamas, but instead it has frustrated Israel and America with its outspoken onesidedness. Erdogan refuses to cooperate with Egyptian President al Sisi and has been highly critical of Iraq’s Prime Minister Nouri al-Maliki. Undermining its own ability to mediate and influence, Turkey no longer has ambassadors in Syria, Israel and Egypt, and

its relations with Iraq and Abu Dhabi are strained. Aside from the political repercussions, and risk to the tourist industry, the country’s trade and investment could also suffer from its increased isolation. Investors may be cautious about the potentially erratic style of policy making which could negatively impact the country’s business environment. Although gross domestic product has soared, Erdogan’s policy of keeping the interest rate close to zero has led to cheap credit and high levels of business and household debt. Given the debt bubble and the fact that Turkey’s current-account shortfall reached 7.5% of its GDP in the first quarter of this year, it would be in a highly vulnerable position if it lost foreign investment. It is a safe bet that Erdogan will continue trumping his existing economic policies for the time being but he must also take responsibility for Turkey’s current political state. Perhaps now that he has won the vote of the electorate, he will tone down his language and appease his American allies. If he wishes to avoid a crashing economy, that is surely the very least he must do.

www.bancdebinary.com

Awaiting the German ZEW survey and Japan GDP Markets Report by Forextime Ltd By Jameel Ahmad, Chief Market Analyst at FXTM

Downside pressure resumed in the EURUSD on Monday, highlighting that Friday’s bullish momentum was likely in response to Mario Draghi appearing slightly more relaxed than usual during Thursday’s press conference. The EURUSD declined by just over 30 pips, before finishing trading at 1.3385. On Tuesday afternoon, the latest German ZEW survey was expected to be announced, posing a major event risk to the EURUSD. Recent disappointing German economic releases have shown that Europe’s largest economy has been hit by the geo-political conflict in Eastern Europe and strong rumours are circulating that the German economy is going to be announced as having contracted in Q2. If the German ZEW survey fails to meet expectations, it will likely only create further anxiety for Thursday’s GDP release. As a result, I would expect the EURUSD to further decline with support levels located at 1.3361, 1.3345 and 1.3332 (current yearly low). After the GBPUSD fell through the stubborn looking 1.6815 support level on Friday morning, selling pressure has accelerated. Since then, the GBPUSD has declined by nearly 50 pips and concluded Monday’s trading at 1.6785. There is no scheduled economic news from the UK, however the United States Small Business Optimism release is expected to show that optimism continued to rise last month (an increase to 96 vs 95 last month is expected). As a result, the GBPUSD appears set to further decline. Upcoming support levels can be found at 1.6760 and 1.6734. The USDJPY moved marginally on Monday (around 20 pips), before concluding trading at 102.182. Reuters reported that Japan’s GDP release will show the biggest economic contraction since the global financial crisis.

CNBC is reporting a similar story, with it being expected that April sales consumption tax is going to hit the GDP hard. The Japanese economy is expected to have contracted by an annualised 7.1% from April to June, down sharply from the 6.7% advance in the previous quarter. Confirmation of this huge contraction (and especially if the contraction is higher than anticipated) will almost surely weaken the JPY. USDJPY resistance can be found at 102.539, 102.798 and 103.093. It is essential to note that the 103 area remains a psychological resistance level for the pair and until a candle closes above 103, the pair will probably just pull back. If the Japanese GDP data is not as negative as perceived, do not rule out the JPY strengthening. A lower economic contraction will calm fears that the Bank of Japan (BoJ) will possibly need to introduce further stimulus measures in a few months, with USDJPY support located at 102.106, 101.958 and 101.720.

Last week’s dismal Australian employment report, where the jobless rate unexpectedly rose to its highest in a decade (6.4%) has continued to weigh on investor’s mind. The AUDUSD declined by just over 30 pips on Monday, before concluding trading at 0.9261. Early on Wednesday morning, the latest Westpac Consumer Confidence index is announced. The Reserve Bank of Australia (RBA) did mention in a recent monetary statement that domestic consumer confidence levels are declining. If this is confirmed in tonight, expect further pressure on the Aussie as a result. AUDUSD support can be found at 0.9245 and 0.9229. ForexTime Ltd (FXTM) is a forex broker founded by Andrey Dashin, registered as a Cyprus Investment Firm and licensed by the Cyprus Securities and Exchange Commission (CySEC). For disclaimer, risk warning and information visit: www.ForexCircles.com

August 13 - 26, 2014

financialmirror.com | MARKETS | 19

US 2Q earnings favour industrials profit margins is most likely to be exerted by an acceleration in employee compensation. However, as we have argued before, the impact of rising wages is likely to be smaller than generally expected. Looking forward, given the favourable household leverage situation and an improved labour market-supported by the second quarter’s strong growth in GDP-we are optimistic about growth prospects for the second half of the year. As a result, we fully expect to see even stronger sales and earnings growth over the coming months. Barring negative surprises, that means the next phase of the recovery is likely to see a pick-up in capital spending by businesses. It shouldn’t take long to materialise. Usually US business capital spending lags sales growth by just one quarter. Encouragingly, the ISM manufacturing PMI-the principal leading indicator for business capital spending-rose to 57.1 in July, stronger than the expected 56. As rising sales begin to squeeze capacity, it will not take companies long to start shopping for new plant and equipment, or even to consider setting up new factories to meet the rising demand. The obvious beneficiary of this expected recovery in US

Marcuard’s Market update by GaveKal Dragonomics As the second quarter US earnings season winds up, the dominant picture is of stronger sales and faster earnings growth. That’s handy. In the early stages of this five year bull market, it was central bank liquidity that pushed equity prices higher. Then over the last two years, multiple expansion took over. Now, with valuations back in line with fair value, top and bottom line growth are emerging as the market’s main driving force. With more than 450 of the S&P 500’s companies now having reported, 2Q14 sales are up by 4.3% year-on-year, compared with an average of 2.2% over the preceding four quarters. Meanwhile, earnings have risen 9.9% YoY, compared with a 2Q13–1Q14 average of 5.4%. Profit margins remain elevated at 9.4%, defying the expectations of the market bears. This coincides with our view that profit margins should remain comfortably high. At this stage in the cycle any pressure on

capital spending will be the industrial sector. The ISM manufacturing PMI tends to lead business capital spending by around eight months, and year-on-year growth in the S&P 500 industrial sector’s trailing 12-month sales per share by 14 months. This relationship makes sense, as it is industrial companies which produce the nuts and bolts needed for a broader capacity expansion. A turn-around will not be before time. So far this year, the S&P 500 industrial sector index has underperformed grievously, declining -0.7%; the worst performance of any sector except consumer discretionary stocks. The flip-side of that underperformance is that valuations look reasonably attractive. The sector’s price to 12 month forward earnings ratio and price to book value ratio are both around their historical medians. With industrial companies’ sales and earnings set to improve as capital spending recovers, P/E ratios in the sector look likely to follow their historical pattern, rising relative to the ratio of the overall equity market as business capital spending picks up. In such an environment, the S&P 500 industrial sector index should outperform the broader index.

The European equity blues currency terms). Taking a longer view, even the recent correction is still consistent with the idea that European markets are stabilising after five years of dramatic underperformance from 2007 to 2012. What is new is that the correction has taken place against a backdrop of declining monetary and systemic risks in Europe. Since January, longterm Spanish bonds have outperformed even US stocks, and the crucial OAT-bund spread has declined to just 35bps, from 60bps at the end of last year. Holding a basket of European bonds has thus proved to be a good hedge for equity portfolios. Skeptics will argue that the decline in European bond yields is just more evidence of looming deflation, and that rejoicing today about lower interest rates in Europe is as short-sighted as it would have been in Japan in the 1990s. We disagree. Even though German bond yields have registered new lows recently, by far the best performance was returned by bonds that carry a ‘credit risk’, not by safe haven plays. This encouraging development is paralleled by improving prospects for domestic growth in key areas. Spain, which until recently was the largest deflationary maelstrom in the eurozone, grew by an annualised 2% in real terms in the first half of the year. In the service sector—which is more domestically-driven than manufacturing—the eurozone purchasing managers index set a new high for this cycle in July, while retail sales rose 2.4% year-on-year in June, the highest reading since 2007. Granted, there are major areas of concern, notably in France and in Italy, where GDP declined -0.2% in the second quarter, contradicting the positive message sent by business and consumer surveys. Even so, investors’ fears over corporate profits are exaggerated. The aggregate level of corporate earnings has temporarily been dragged down by a severe profit recession in the telecom and energy sectors, and exchange rate moves whose impact is now in the past. We are especially comforted by the favourable momentum in the European

Marcuard’s Market update by GaveKal Dragonomics The relative performance of European stocks has been disappointing lately. Even though the European Central Bank delivered its promised easing, triggering both a further decline in peripheral bond yields and a weakening of the euro, eurozone stock markets have underperformed the US by 6% since early June in local currency terms, and by 7.25% in US dollars. However, there are two ways of looking at any sell-off. Either it is the beginning of a new downward trend, or it presents a good buying opportunity. Although investor confidence has clearly taken a beating in recent weeks, in this instance the balance between financial and economic conditions does not point to a prolonged weakness in European equities. thus, the coming weeks should offer investors attractive buying opportunities ahead of a stronger fourth quarter. A nasty combination of heavy US fines on European banks, western sanctions on Russia, and an isolated but painful financial bankruptcy in Portugal accounts for much of Europe’s recent poor performance. Even so, European stock markets have proved disappointingly fragile. In early July, we argued that a strong US economy, a proactive ECB and a declining euro would be enough to keep eurozone stock investors engaged even as the acceleration in growth paused. But, mea culpa, we were too optimistic. Instead, the lack of momentum in corporate profits has made investors very nervous. Indeed, the difference in price performance between US and European stocks mirrors the divergence of growth in forward earnings per share since the end of last year: up 5% for the MSCI US, versus –0.5% for the MSCI EMU (in local

Disclaimer: This information may not be construed as advice and in particular not as investment, legal or tax advice. Depending on your particular circumstances you must obtain advice from your respective professional advisors. Investment involves risk. The value of investments may go down as well as up. Past performance is no guarantee for future performance. Investments in foreign currencies are subject to exchange rate fluctuations. Marcuard Cyprus Ltd is regulated by the Cyprus Securities and Exchange Commission (CySec) under License no. 131/11.

www.marcuardheritage.com

The Financial Markets

Base Rates

LIBOR rates

CCY 0.125% 0.50% 0.15% 0.05% 0.00%

Swap Rates

CCY/Period

1mth

2mth

3mth

6mth

1yr

CCY/Period

USD GBP EUR JPY CHF

0.16 0.50 0.08 0.09 0.00

0.20 0.52 0.13 0.12 0.01

0.23 0.56 0.17 0.13 0.02

0.33 0.71 0.27 0.18 0.08

0.55 1.07 0.43 0.34 0.19

USD GBP EUR JPY CHF

2yr

3yr

4yr

5yr

7yr

10yr

0.68 1.31 0.32 0.17 0.05

1.11 1.66 0.39 0.18 0.08

1.49 1.91 0.49 0.21 0.15

1.78 2.09 0.61 0.25 0.25

2.20 2.35 0.90 0.38 0.50

2.59 2.62 1.30 0.63 0.86

Exchange Rates Major Cross Rates

CCY1\CCY2 USD EUR GBP CHF JPY

1 USD

Opening Rates

1 EUR

1 GBP

1 CHF

100 JPY

1.3343

1.6784

1.0991

0.9778

1.2579

0.8238

0.7328

0.7495 0.5958

0.7950

0.9098

1.2139

1.5270

102.27

136.46

171.65

0.6549

0.5826 0.8896

112.41

WORLD CURRENCIES PER US DOLLAR CURRENCY

CODE

RATE

EUROPEAN

Belarussian Ruble British Pound * Bulgarian Lev Czech Koruna Danish Krone Estonian Kroon Euro * Georgian Lari Hungarian Forint Latvian Lats Lithuanian Litas Maltese Pound * Moldavan Leu Norwegian Krone Polish Zloty Romanian Leu Russian Rouble Swedish Krona Swiss Franc Ukrainian Hryvnia

BYR GBP BGN CZK DKK EEK EUR GEL HUF LVL LTL MTL MDL NOK PLN RON RUB SEK CHF UAH

10360 1.6778 1.466 20.8722 5.5894 11.7301 1.3338 1.723 235.62 0.52689 2.5884 0.3218 13.64 6.1791 3.157 3.3263 36.1378 6.8867 0.9101 13.24

AUD CAD HKD INR JPY KRW NZD SGD

0.9262 1.0944 7.7513 61.105 102.27 1026.3 1.1864 1.251

BHD EGP IRR ILS JOD KWD LBP OMR QAR SAR ZAR AED

0.3770 7.1498 25985.00 3.4840 0.7052 0.2833 1507.00 0.3850 3.6409 3.7504 10.6616 3.6729

AZN KZT TRY

0.7832 181.99 2.1644

AMERICAS & PACIFIC

Australian Dollar * Canadian Dollar Hong Kong Dollar Indian Rupee Japanese Yen Korean Won New Zeland Dollar * Singapore Dollar MIDDLE EAST & AFRICA

Interest Rates

USD GBP EUR JPY CHF

‘Mittelstand’-forward EPS are up 16% YoY in the small cap universe. The game of chicken with Russia may put pressure on eurozone exporters-Adidas, for example, has downgraded its growth forecasts- but exports should accelerate again by the end of the year as US growth picks up. And with the euro now lower, exporters’ profits should benefit more than in the recent past. All in all, the current balance between cyclical and financial conditions does not signal a prolonged weakness in European equities. Yes, frustration about the eurozone’s economic performance, investor impatience over earnings growth, and concerns about tensions with Russia might leave eurozone markets looking vulnerable in the near-term, especially with Wall Street’s volatility rising. But we still recommend buying the dips in expectation of a better fourth quarter, when the uncertainties surrounding the ECB’s Asset Quality Review will have been settled. Meanwhile, continue selling the euro as a hedge.

Weekly movement of USD

CCY\Date

15.07

22.07

29.07

05.08

12.08

CCY

Today

USD GBP JPY CHF

1.3566

1.3471

1.3379

1.3368

1.3374

0.7940

0.7886

0.7883

0.7925

0.7978

137.54

136.43

136.17

136.79

1.2075

1.2077

1.2098

1.2138

GBP EUR JPY CHF

1.6784 1.3343 102.27 0.9098

Bahrain Dinar Egyptian Pound Iranian Rial Israeli Shekel Jordanian Dinar Kuwait Dinar Lebanese Pound Omani Rial Qatar Rial Saudi Arabian Riyal South African Rand U.A.E. Dirham ASIA

Last Week %Change 1.6874 1.3370 102.70 0.9100

+0.53 +0.20 -0.42 -0.02

Azerbaijanian Manat Kazakhstan Tenge Turkish Lira Note:

* USD per National Currency

August 13 - 26, 2014

20 | WORLD MARKETS | financialmirror.com

Zynga may not stay independent

US petrol prices drop below $4

By Douglas A. McIntyre

By Douglas A. McIntyre Fuel prices have fallen so quickly that the average price for a gallon of regular is below $4 in every one of the Continental United States. This figure was barely imaginable several months ago, when $4 per gallon hit California, New York and several other states. The trend toward lower petrol prices has to be good for the national economy. According to research operation GasBuddy, an average gallon of regular costs $4.05 in Alaska and $4.31 in Hawaii. Alaska has a lot of oil but little refinery capacity. Hawaii is so isolated in the Pacific that fueld has to be shipped there from hundreds of miles away. The improvement in prices is clear from the national average, which is $3.47, down from $3.63 a month ago. California, with its population of 39 mln, got the worst of it. Prices were above $4 a gallon for most of the past several months. In some of its largest cities, which include San Francisco and Los Angeles, prices were higher. As a matter of fact, the price is still more than $4 in San Francisco now. But, throughout the state, the average has dropped to $3.90 a gallon. States with large refineries, particularly near the Gulf Cost, have prices moving toward $3. The price in Alabama is under $3.20. In Mississippi, it has dropped below $3.23, and in Louisiana it is $3.24. The low prices are a matter of the luck of location. Some of these states need the break because they are among the poorest in the nation based on median household income Many economists believe there is a tipping point at which high fuel prices hurt the economy. In reality there are probably many such points, which differ sharply between low income households and those who are not likely to be hurt much by petrol prices. In lower income households in which people have to drive long distances every day, fuel prices, together with food, clothing and shelter, eat up entire monthly budgets. The people in these household probably have no discretionary income, which is a large drag in a consumer-based economy. Probably worse for the economy is the eroded purchasing power of the middle class, which is critical to GDP improvement. For many of them, $4 gasoline has also been an extreme burden, which has been partially lifted recently.

Zynga (NASDAQ: ZNGA) may be losing its chance to operate as an independent company. All of the metrics that would show Zynga might make even desperate progress were missing in its latest quarterly report. In the June quarter, revenue plunged from $231 mln last year to $153 mln. Zynga’s net loss rose from $16 mln to $63 mln. Other measurement were just as ugly: - Daily active users (DAUs) in the second quarter of 2014 were 29 mln, compared to 39 mln in the second quarter of 2013. On a consecutive quarter basis, DAUs were up 0.4% from 28 mln in the first quarter of 2014. - Monthly active users (MAUs) in the second quarter of 2014 were 130 mln, compared to 187 mln in the second quarter of 2013. On a consecutive quarter basis, MAUs were up 6% from 123 mln in the first quarter of 2014. - Monthly unique users (MUUs) in the second quarter of 2014 were 89 mln, compared to 123 mln in the second quarter of 2013. On a consecutive quarter basis, MUUs were up 2% from 86 mln in the first quarter of 2014. The future looks equally bleak. For the full year, Zynga reported: “Bookings are projected to be in the range of $695 mln to $725 mln, compared to previous expectation between $770 mln to $810 mln” The only strength Zynga has is its balance sheet which has $725 mln in cash and marketable securities. Zynga’s current market cap is $2.6 bln. In a recent analysis, the 24/7 Wall St. editors wrote in ‘10 Brands That Will Disappear in 2015’: “Zynga can be considered the single greatest social media failure among recent IPOs. The leading provider of games on Facebook has been unable to match the success of Farmville, its first hit. Facebook also ended its relationship with the gaming company in 2012, effectively limiting Zynga’s

access to the social network’s 1 bln users and making it harder for the company to promote its games. “The company moved slowly into the mobile platform, and after it failed to create big hits of its own, it acquired popular titles such as ‘Draw Something’ and ‘Words With Friends’. But new rivals like King Digital, maker of popular mobile game Candy Crush, continue to crowd the market. Similarly, traditional game companies like Electronic Arts have also begun to migrate their titles to mobile devices, challenging the social gaming company’s position.” The question is whether Zynga has enough demand for its products to support it as an independent public company. The company reported daily active users in the first quarter of 2014 were down nearly 50% to 28 mln, compared to 52 mln in the first quarter of 2013. Zynga lost $61 mln in the first quarter of the year, against a profit of $4 mln in the same period a year ago. Since early March, Zynga stock has dropped 45%, which while indicative of its troubles, also makes it a more attractive takeover target. Zynga’s shares are off 35% in the last six months. Our evaluation appears to become more and more likely as each quarter passes. (Source: 24/7 Wall St.com)

The underachieving education business By John S. Katzman Capitalism has produced many high-quality products and services, from smartphones to high-speed transport and compelling entertainment. Yet the profit motive, essential in so many fields, seems to have disappointed in one crucial area: education. In the United States, for-profit universities have a six-year graduation rate of 22%, far below the 60% achieved by notfor-profit institutions. The former spend 23% of their revenue on recruiting new students, compared with a mere 1% spent by non-profit institutions. At the primary and secondary levels, charter schools (publicly funded independent schools) run by for-profit companies are 20% less likely than nonprofit institutions to meet proficiency standards, with some of the weakest results coming from the largest for-profit institutions. Even companies that provide textbooks, educational software, management systems, and student loans fail to achieve the level of excellence reached in other sectors. For-profit education is not just a US phenomenon; it is part of a global trend. New for-profit universities are appearing wherever demand for higher education is strong. In developing Asia and Latin America, scores of new classroom and online English-language preparation programs are trying to meet demand, though it may be too early to judge their quality. As the founder of several for-profit education companies and an adviser to many others, I have watched managers and investors (including my own) succumb to the temptation to place financial targets above academic goals. This should not be surprising – educational results take years to measure, but profits and bonuses for executives are calculated annually. I would like to believe that strong financial performance

and educational excellence are not mutually exclusive. After all, for-profits can hire high-quality staff, respond nimbly to changing conditions, and raise the capital required to scale up quickly. American Public University System and Renaissance Learning, for example, have demonstrated that one can “do well by doing good.” One of my own companies brought together the capital, technology, and people needed to enable students worldwide to access America’s leading graduate programs online. Unfortunately, such projects are exceptions. The education sector must find a better balance between quality and financial returns. Fourteen US states have started to do that by authorising so-called benefit corporations (or B Corps) – businesses that promise to consider more than shareholder value in their strategic decisions. Though B Corps are expected to act in the public interest, they cannot be forced to do so; if they look beyond the bottom line, they do so voluntarily. One solution might be to create a variant of the B Corp – call it the E Corp – that could transform the for-profit education sector. An education company could attain E Corp status only if it became transparent about its values and outcomes. For example, E-Corp-owned colleges might be required to provide prospective students with the graduation rate, average student-debt levels, and the average starting salaries of students with similar academic records and educational goals. Furthermore, E-Corp colleges might be required to reveal their per student instructional, marketing, and executive-compensation costs, as well as their pre-tax profits. Critics might counter that no one should care how much profit a company earns, so long as it provides a worthwhile service. Perhaps, but why not share the data and see how many students enroll in a school when they fully understand their odds of success and how their money will be used? E Corps should also analyse and publish their results (including disappointing ones), as this would motivate schools to improve service. Not all education can be free, but information about education should be.

Many companies might embrace such reforms simply to serve students better. But we should not underestimate the leverage of public spending. As confidence in the E-Corp metrics rises, we could make E-Corp status a condition for participating in government programs. In the US, that would include such coveted funding as Title I grants for primary and secondary education, and Title IV subsidised student loans for higher education. After all, why should companies benefit from taxpayer support if they are unwilling to put accountability and educational excellence at least on the same level as their targets for return on investment? Even the most mission-driven companies can be tempted to trade educational quality for outsize commercial returns. An E-Corp designation would ensure that education leaders can continue to focus on the bottom line, but still rise to the top of the class. John S. Katzman is the founder and CEO of Noodle, a Web site that provides educational advice. He also founded The Princeton Review and 2U. © Project Syndicate, 2014, www.project-syndicate.org

August 13 - 26, 2014

financialmirror.com | WORLD MARKETS | 21

Can Tekmira make money from its Ebola treatment? By Jon C. Ogg and Chris Lange Tekmira Pharmaceuticals Corp. (NASDAQ: TKMR) has made a name for itself pioneering new experimental treatments in the wake of the most recent Ebola scare. Ebola is considered one of the deadliest viruses on the planet with a fatality rate of up to 90%. Canada-based Tekmira is one of a few companies which are looking to tackle this problem. The company hopes to alleviate the world of the ebola scare. The million dollar question (literally) is whether or not Tekmira and/or others can make serious money in the process – and whether it is enough to justify the current hope. Privately held Mapp Biopharmaceutical and BioCryst Pharmaceuticals (NASDAQ: BCRX) are also developing therapies to combat Ebola. The US Food and Drug Administration as of last Thursday announced that it would give Tekmira the go-ahead to begin treating patients with its experimental Ebola treatment on humans that were infected with the Ebola virus. The following day after this announcement, Tekmira shares soared. Again, the question is whether or not Tekmira and other companies will be able to turn investor hopes into actual profits. Investors may be concerned that the stock’s most recent highs are not even close to being at the levels they were in March. That is the case even if Tekmira’s stock price has been climbing higher since the FDA made an exception for the experimental treatment.

As of Monday, Tekmira shares reached a high of $26.05. This is a massive move when you consider that Tekmira closed at $14.27 just last Thursday. The long and short of the matter is that this stock has skyrocketed by more than 80% in a short period of time. Still, Tekmira shares would have to reach $31.48 to reach its all-time high. Investors have one serious concern to think of here when it comes to how much the company can actually make here. There is a fear that outside of government funding for humanitarian concerns, the financial side of an ebola drug market alone may not be all that lucrative. Then there was a prior FDA scare from the drug having previously been on hold. One saving grace that could alleviate some of the concerns is that ebola has been declared an international health

emergency by the WHO. Another issue that investors have to consider is that some traders could think a blow-off volume top is being formed. Tekmira did not even average more than a few hundred thousand shares per day prior to this most recent ebola scare. Last Monday it traded almost 10 mln shares when it was at $13.26. Then on Friday it traded 28.6 mln shares when it rose to $20.70. Now we saw total trading volume of over 23 mln shares by the close of trading on Monday. Tekmira’s 52-week range is $5.08 to $31.48 and shares were up another 18% at $24.40 late on Monday. The Thomson Reuters consensus analyst target price is $26.63, but there is only a very small handful of analysts covering this stock. Over the past week the stock has ranged $12.82 to $26.05. The point here is not whether you have seen a peak in short-term trading. We have seen instances where biotech outfits have risen exponentially, and we would not dare count this as a situation that could not repeat the other gains elsewhere. Our question is how much money Tekmira can actually make long-term from this. Tekmira’s revenues have averaged $15 mln per year over the last three years. It was in 2013 that Tekmira was awarded a US government contract worth up to $140 mln to develop an RNAi therapeutic against the ebola virus. This Department of Defense grant was under the DoD’s Chemical and Biological Defense Programme. More than 15% of the estimated value of that award was to be subcontracted to US businesses, and the initial phase made Tekmira eligible to receive up to $34.7 mln over the next three years.

Responding to Ebola By Jeffrey D. Sachs The horrific Ebola epidemic in at least four West African countries (Guinea, Liberia, Sierra Leone, and Nigeria) demands not only an emergency response to halt the outbreak; it also calls for re-thinking some basic assumptions of global public health. We live in an age of emerging and reemerging infectious diseases that can spread quickly through global networks. We therefore need a global disease-control system commensurate with that reality. Fortunately, such a system is within reach if we invest appropriately. Ebola is the latest of many recent epidemics, also including AIDS, SARS, H1N1 flu, H7N9 flu, and others. AIDS is the deadliest of these killers, claiming nearly 36 mln lives since 1981. Of course, even larger and more sudden epidemics are possible, such as the 1918 influenza during World War I, which claimed 50-100 mln lives (far more than the war itself). And, though the 2003 SARS outbreak was contained, causing fewer than 1,000 deaths, the disease was on the verge of deeply disrupting several East Asian economies including China’s. There are four crucial facts to understand about Ebola and the other epidemics. First, most emerging infectious diseases are zoonoses, meaning that they start in animal populations, sometimes with a genetic mutation that enables the jump to humans. Ebola may have been transmitted from bats; HIV/AIDS emerged from chimpanzees; SARS most likely came from civets traded in animal markets in southern China; and influenza strains such as H1N1 and H7N9 arose from genetic re-combinations of viruses among wild and farm animals. New zoonotic diseases are inevitable as humanity pushes into new ecosystems (such as formerly remote forest regions); the food industry creates more conditions for genetic recombination; and climate change scrambles natural habitats and species interactions. Second, once a new infectious disease appears, its spread through airlines, ships, megacities, and trade in animal products is likely to be extremely rapid. These epidemic diseases are new markers of globalisation, revealing through their chain of death how vulnerable the world has become from the pervasive movement of people and goods. Third, the poor are the first to suffer and the worst

affected. The rural poor live closest to the infected animals that first transmit the disease. They often hunt and eat bushmeat, leaving them vulnerable to infection. Poor, often illiterate, individuals are generally unaware of how infectious diseases – especially unfamiliar diseases – are transmitted, making them much more likely to become infected and to infect others. Moreover, given poor nutrition and lack of access to basic health services, their weakened immune systems are easily overcome by infections that better nourished and treated individuals can survive. And “de-medicalised” conditions – with few if any professional health workers to ensure an appropriate public-health response to an epidemic (such as isolation of infected individuals, tracing of contacts, surveillance, and so forth) – make initial outbreaks more severe. Finally, the required medical responses, including diagnostic tools and effective medications and vaccines, inevitably lag behind the emerging diseases. In any event, such tools must be continually replenished. This requires cutting-edge biotechnology, immunology, and ultimately bioengineering to create large-scale industrial responses (such as millions of doses of vaccines or medicines in the case of large epidemics). The AIDS crisis, for example, called forth tens of billions of dollars for research and development – and similarly substantial commitments by the pharmaceutical industry – to produce lifesaving antiretroviral drugs at global scale. Yet each breakthrough inevitably leads to the pathogen’s mutation, rendering previous treatments less effective. There is no ultimate victory, only a constant arms race between humanity and disease-causing agents. So, is the world ready for Ebola, a newly lethal influenza, a mutation of HIV that could speed the transfer of the disease, or the development of new multi-drug-resistant strains of malaria or other pathogens? The answer is no. Though investment in public health increased significantly after 2000, leading to notable successes in the fights against AIDS, tuberculosis, and malaria, there has recently been a marked shortfall in global spending on public health relative to need. Donor countries, failing to anticipate and respond adequately to new and ongoing challenges, have subjected the World Health Organisation to a debilitating budget squeeze, while funding for the Global Fund to Fight AIDS, Tuberculosis, and Malaria has fallen far short of the sums needed to win the war against these diseases. Here is a shortlist of what urgently needs to be done. First, the United States, the European Union, the Gulf countries,

and East Asian states should establish a flexible fund under WHO leadership to combat the current Ebola epidemic, probably at an initial level of $50-100 mln, pending further developments. This would allow a rapid public-health response that is commensurate to the immediate challenge. Second, donor countries should quickly expand both the Global Fund’s budget and mandate, so that it becomes a global health fund for low-income countries. The main goal would be to help the poorest countries establish basic health systems in every slum and rural community, a concept known as Universal Health Coverage (UHC). The greatest urgency lies in Sub-Saharan Africa and South Asia, where health conditions and extreme poverty are worst, and preventable and controllable infectious diseases continue to rage. In particular, these regions should train and deploy a new cadre of community health workers, trained to recognise disease symptoms, provide surveillance, and administer diagnoses and appropriate treatments. At a cost of just $5 bln per year, it would be possible to ensure that well-trained health workers are present in every African community to provide lifesaving interventions and respond effectively to health emergencies like Ebola. Finally, high-income countries must continue to invest adequately in global disease surveillance, the WHO’s outreach capacities, and life-saving biomedical research, which has consistently delivered massive benefits for humanity during the past century. Despite tight national budgets, it would be reckless to put our very survival on the fiscal chopping block. Jeffrey D. Sachs is Professor of Sustainable Development, Professor of Health Policy and Management, and Director of the Earth Institute at Columbia University. He is also Special Adviser to the United Nations Secretary-General on the Millennium Development Goals. © Project Syndicate, 2014. www.project-syndicate.org

August 13 - 26, 2014

22 | WORLD MARKETS | financialmirror.com

Asset allocation: Overweight China vs. EM By Reinhold Knaus Senior economist, Multi-Asset Solutions, BNP Paribas Investment Partners

We remain neutral on global equities. Monetary policy is still supportive, as are global liquidity and the economic cycle, although we are less convinced of the latter. We see valuations as neutral, as long as earnings expectations are met. The recent drop in equity markets corrected some upbeat investor sentiment, but volatility is still quite low. A more constructive view against emerging markets is reflected in our recently implemented overweight in greater China (including the mainland, Hong Kong and Taiwan) versus global emerging markets. We think negative sentiment is overdone and reflected in low valuations and net short positions. We are also overweight the eurozone versus the UK. The UK economy has been doing much better than the eurozone, but we think there is more room for company earnings to improve in the eurozone. While earnings in UK and US have recovered, the bounce has not been meaningful in the eurozone. Analyst expectations for UK earnings are improving, but we do not expect this to last. It could even reverse again. A normalisation of monetary policy in the UK and the US, while the ECB is still easing, should have a positive currency effect on eurozone earnings. Finally, we see more room for higher priceearnings ratios in the eurozone than in the UK. We have been adjusting our exposure to European highyield corporate bonds tactically. The June ECB meeting allowed us to take profits, but when yields rose, we raised our exposure. With default rates mainly low and company balance sheets generally decent, we like the carry on these bonds. We also like the carry on emerging market debt in local currencies, especially now that currency volatility has faded. The unhedged currency position has been switched quite recently to a hedged position, due to the the substantial weakening of the euro against the US dollar over recent weeks. While government bond yields look set to go higher, central bank policy and low inflation should ensure that any rise is gradual. At this point, we lack the conviction to take a short duration position in Germany or the US. We are long eurozone inflation-linked bonds versus nominal

government bonds on the view that the inflation discounted by linkers is too low. If inflation expectations rise, these bonds should outperform nominal bonds. We are neutral on real estate globally. We are neutral convertible bonds, commodities and cash. In principle, the euro should weaken further in the longer run with more monetary stimulus in the eurozone and increasingly less in the US. If however investors become convinced that ECB policies are supporting growth and inflation, capital inflows and the region’s trade surplus could support the euro. We have implemented a new core position: long European equities vs. European real estate. Strategists have become increasingly cautious on the European outlook and have downgraded earnings forecasts over recent months, but we are more optimistic about the outlook for European equities. European real estate has done reasonably well. A quite favourable environment is now already priced-in. The earnings outlook for European real estate appears much more modest due to low inflation limiting earnings growth in this sector. Flexible multi-asset positions In our flexible multi-asset approach, we are overweight Italian government bonds versus UK government bonds. Yields are higher in Italy than in the UK, which results in a (small) positive carry, but the main rationale for this trade is that yields in Italy could fall further thanks to the ECB. The more hawkish Bank of England, which could start hiking rates late this year or early in 2015, may drive up UK yields. If this scenario plays out, price developments of these bonds should work in our favour. In Germany, after triggering the stop-loss-level, the long 5year German bunds vs. 30-year German bunds has been closed. We are overweight Mexican USD-denominated debt versus US 10-year Treasuries. We expect Mexican bonds to benefit from sound and improving fundamentals, falling inflation and low official interest rates. We think Mexico is shielded better from downside risks in China than other countries in Latin America. In the US, we are long five-year forward inflation swaps (hence the expectations of inflation five years from now). When expectations dipped in late April, we established a long position. In Europe, we are long five-year forwards in investmentgrade debt. With less flattening at the long end of the curve than at the short end, there is a relatively large gap between spot rates and five-year forwards. This position should pay off if the gap starts to narrow. www.bnpparibas-ip.com

EMERGING ECONOMIES: CHINA THE BRIGHT SPOT The Chinese economy seems to be regaining some traction. Both manufacturing PMIs rose much more strongly than expected to 51.7 in July. For the national PMI this was the best reading since April 2012. The PBoC noted that better growth was still being accompanied by fast-rising debt levels and that monetary policy can’t solve structural issues. While this may be a sign that the central bank doesn’t want to stimulate growth by broad-based easing, it doesn’t exclude targeted or small steps, as shown by the latest cut in the 14day repo rate by 10bp to 3.7%. Taiwanese industrial production accelerated to 8.6% YoY in June, its fastest pace since January 2013. Developments in the emerging markets are quite heterogeneous, as can be quite well illustrated by recent central bank actions. These have ranged from hikes in the key rates in the Philippines by 25bp to 3.75% (31 July) for the first time since May 2011; in Russia by 50bp to 8.0% to fight inflation risks and a further weakening of the currency (25 July); and in South Africa by 25bp to 5.25% to fight inflation pressures (17 July). In contrast, there have been rate cuts in countries such as Turkey (by 50bp to 8.25% on 17 July) to normalise rates further; In Israel by 25bp to 0.5% against the background of belowtarget inflation and decelerating growth (28 July); and in Hungary, where, after the 22 July 20bp cut to 2.15%, the central bank signalled the end of the easing cycle that started two years ago from 7%. Finally, Argentina is moving towards its second default in 13 years after the failure of negotiations with hedge funds. A positive note was that this didn’t become contagious across the rest of Latin America.

New York Times vs Buzzfeed By Douglas A. McIntyre Buzzfeed, a company that has come to call itself a media operation instead of the social media distributor of clever lists, which it has been for several years, raised $50 mln, according to primary investor Andreessen Horowitz. According to several media reports, this values Buzzfeed at $1 bln, not far from the market cap of publicly traded The New York Times Company (NYSE: NYT), which sits at $1.9 bln. Many media experts expect the relative values of the two companies to reverse themselves soon. Buzzfeed, they would say, is growing rapidly and is the face of new media. The New York Times, on the other hand, is dying. The Andreessen Horowitz rationale for the Buzzfeed investment is that BuzzFeed started out focusing on lightweight content like memes, lists, funny photos, etc. This led some industry observers to dismiss Buzzfeed as a “toy”. The company has since moved steadily up market, following the typical path of disruptive technologies. It now has an editorial staff of over 200 people covering a wide range of topics – politics, sports, business, entertainment, travel, etc – and plans to invest significantly more in high-quality content in

the coming years. Andreessen Horowitz’s partner Chris Dixon added: “BuzzFeed has technology at its core. Its 100+ person tech team has created world-class systems for analytics, advertising and content management. Engineers are first class citizens. Everything is built for mobile devices from the outset. Internet native formats like lists, tweets, pins, animated GIFs, etc. are treated as equals to older formats like photos, videos, and long form essays. BuzzFeed takes the internet and computer science seriously.” Most critics say that the old media stalwart, The New York Times, has none of these things. It is not in the process of becoming serious journalism. It is one of serious journalism’s great stars. It would be hard to find a New York Times executive who prizes engineers above writers, reporters and editors. So, at the traditional end of the serious journalist spectrum, The New York Times has been savaged. Its share price reached nearly $80 in April 1998, before broadband and Internet as we know it. The stock trades at $12.50 now, after declining more than 20% this year. First among the reasons for the share price drop is the company’s earnings, which get worse every quarter. They were down 0.6% in the most recently reported quarter to $389 mln. The only contributor to the steadiness was the

sale of digital subscriptions. They rose 32,000 from the period before to 831,000. The figure is impressive, but the growth rate has slowed from when the products were released. And digital advertising, which was supposed to be the New York Times’ salvation, grew only 3.4% to $41.5 mln, a growth rate that cannot offset the collapse in print advertising. On the other hand, Dixon claims that Buzzfeed will produce “triple digit” revenues this year, which could be anything from $100 mln to $999 mln. And the company will be profitable. Presumably, its growth rate is spectacular, or Andreessen Horowitz would not have invested at all. It is difficult to say how large Buzzfeed’s

audience is compared to The New York Times sites. Chris Dixon says Buzzfeed reaches 150 mln a month. Industry audience measurement gold standard comScore reports that Buzzfeed has 26 mln unique visitors on desktops in the U.S. to The New York Times’ 31.8 mln. Buzzfeed’s audience has substantial reach beyond desktops to tablets and smartphones, so maybe Dixon is right about his 150 mln. Even if Buzzfeed remains a jumble of simple lists, it is a jumble tens of millions of people want to read in much greater and greater numbers. Unfortunately, The New York Times is moving in the opposite direction.

August 13 - 26, 2014

financialmirror.com | GREECE | 23

Moody’s upgrades OTE, stable outlook

B u f f e r o f €1 1.15 bln prefu nds c ash nee ds beyon d next 24 mon th s

Moody’s Investors Service has raised the corporate family rating (CFR) of Hellenic Telecommunications Organisation S.A. (OTE) to Ba3 from B2 and upgraded the probability of default rating (PDR) to Ba3-PD from B2-PD, together with the senior unsecured ratings on the global medium-term note programme (GMTN) and the global bonds issued by subsidiary OTE PLC. The outlook on all the ratings is stable. “OTE’s upgrade to Ba3 is in line with the sovereign ceiling of Greece which was recently upgraded,” said lead analyst Carlos Winzer. “It also signifies the company’s improved liquidity risk management, operating performance and successful deleveraging efforts under its current business plan and against the backdrop of a challenging market environment,” added Winzer. OTE remains a predominantly Greek business and with 70% of its revenues generated at home, its ratings are constrained by the country’s sovereign ceiling. OTE has demonstrated a degree of resilience through the recent period of sovereign stress and has taken steps to further insulate itself from a weak economy, having limited exposure to domestic banks and enhanced international banking relationships. For example, all of the OTE Group’s outstanding debt (bonds issued under the GMTN and Syndicated Facility at Cosmote Romania) is governed by English law. Also, OTE has no Greek bank debt exposure and therefore is limited to any disruption in the native banking system. These factors have enabled OTE’s ratings to be positioned higher than the government’s bond rating, and at

the Ba3 sovereign ceiling. The rating also factors the potential for support from Deutsche Telekom AG (Baa1 stable), Moody’s said in its ratings rationale. However, the rating agency stated that at this new rating level, the Ba3 sovereign ceiling constrains the rating of OTE which adequately factors in the still fragile recovery of the Greek economy. Being four notches above the Caa1 government bond rating is justified by the underlying characteristics and credit strength of OTE, it said. Moody’s added that OTE’s liquidity risk management has improved substantially over the past few months. As a result of asset disposals and refinancing in the market, the company has a cash buffer of around EUR 1.15 bln. This buffer, together with expected future free cash flow generation,

comfortably prefunds OTE’s cash needs beyond the next 24 months. In addition, Moody’s expects that the company will sustain improved financial ratios over the next 24 months. The management’s focus has been on operating expenditure containment, cash flow generation (free cash flow expected to exceed EUR 500 mln in 2014) and a progressive reduction in debt, committed to a maximum reported net debt/EBITDA ratio of 1.5x/1.6x over the next few years. OTE has a strong liquidity profile, which was reinforced with a EUR 700 mln six-year fixed-rate bond issued on July 7 and there is no requirement for OTE to issue more debt in the near term. Indeed, it will only do so to take advantage of opportunities that may arise in the market. In Moody’s view, OTE’s internal annual cash flow generation of EUR 500 mln and reported cash of some EUR 1.3 bln as of March 2014, should enable the company to cover its cash needs and total remaining debt maturities of EUR 11 mln in 2014, EUR 16 mln in 2015 and EUR745 mln in 2016. OTE is the leading telecoms operator in Greece, servicing 2.9 mln fixed access lines, 1.3 mln fixed-line broadband connections, 278,742 TV subscribers, and 7.4 mln mobile customers. It also offers mobile telephony in Albania (2.1 mln customers), and Romania through Cosmote, and wireline services in Romania through RomTelecom. OTE is also involved in real estate and satellite communications, and owns 100% of Germanos, the largest distributor of technology-related products in southeast Europe. The Group reported revenues of EUR 4.1 bln for the 12 months to March 2014.

Ship with 18 Filipinos stranded in U.S. A Greek-owned cargo ship with an Egyptian captain, one Ukrainian and 18 Filipino seamen has been stranded in the Delaware River for nearly three months because its owner has not paid bills since April and the U.S. Coast Guard is demanding operational repairs, U.S. press reports said. The Nikol H, registered in the Marshall Islands, needs additional repairs before sailing, and the owners, Derna Shipping, allegedly owe as much as $1.2 mln. Vendors and others have sued to recover costs for providing fuel, food and supplies while the ship has been in the U.S., according to the Philadelphia Inquirer. The original crew members’ visas expired and they are not permitted to go ashore. However, several original crew, whose contracts expired, received U.S. Customs “paroles” to go home. Even those with visas can’t get off the ship because the ship is in the middle of the river and there’s no easy access to transportation. The Seamen’s Church Institute, which regularly greets seafarers whose ships dock in ports along the Delaware, has provided the sailors with cell phones to call home, Internet service and chaplain visits, according to the Inquirer. The crew members are getting paid and receive provisions from the ship agent, G.M. Richards Enterprises. The ship generators work and there is air-conditioning. “Morale is OK,” Capt. Ali Affar told the Inquirer. “We don’t have any problems. We receive also fresh water supply. Hopefully, the crew will feel better after the ship berths and they have a chance to visit ashore.” The saga began on April 11 when the Nikol H, owned by an operating company in Piraeus, discharged 13,521 tons of cocoa beans in Philadelphia. The Coast Guard, which inspects arriving ships, cited the

Nikol for operational deficiencies and ordered the vessel not to sail until repairs were made. The ship remained at the pier for more than a month, until it was cleared by the Coast Guard. On May 23, Dependable Distribution Services, the operator at Pier 84, sued in federal court, seeking to “arrest” or stop the ship from leaving for failure to pay nearly $300,000 in wharfage, stevedoring and other fees for the six weeks it had been docked for repairs. Other suppliers, the ship agent, and a time-charter firm joined the lawsuit, saying they also were owed money. Two weeks ago, the Coast Guard returned to the ship and found engine and other problems, which it wanted corrected. The owner, Derna Carriers S.A., claims not to have the money to pay, Philadelphia maritime lawyer Alfred Kuffler told the judge. “The only one with money is the bank.” Bremer Landesbank in Germany holds the mortgage on the Nikol, and the owners are in default, according to court papers. Philadelphia maritime lawyer Mary Elisa Reeves said in court that her client, the bank, was willing to pay for “necessities,” but disputed the fee by Dependable Services and the claim by the time-charter company. Reeves asked the judge to sever, or separate, the “necessities” claims from the others. While the drama plays out, the Nikol and its crew sit in the Delaware. The lawsuit demands, as a last resort, that the ship be auctioned. Another Derna vessel was detained by the UK Maritime and Coastguard Agency (MCA) in January after failing Port State Control (PSC) inspection. The 7,700 gross tonne ISIS, also registered in the Marshall Islands had ten deficiencies and four grounds for detention, including safety features, inoperable radar and below standard equipment.

Blue Star ferry to test solar power Blue Star Ferries and Eco Marine Power (EMP) of Japan will deploy and evaluate renewable energy technology on a passenger and car ferry, according to Ship & Bunker. The project is intended to pave the way for more use of EMP’s systems in the shipping sector. The project will include installation of a marine solar power system, to be integrated into the Aquarius Management and Automation System. The management system will keep track of the solar array’s performance, as well as the vessel’s bunker consumption, while calculating emissions data.

The Aquarius MAS system, developed by EMP and KEI System Ltd. of Japan, is intended to help integrate renewable energy systems into a platform that also monitors main engines, generators and pumps. “This project with Blue Star Ferries is very exciting for Eco Marine Power and for our strategic partners as it will be the first deployment on a ship of some of the technologies and solutions we have been developing over the last few years including our integrated renewable energy systems”, Greg Atkinson, director and chief technology officer at EMP.

First rise in building permits in 6 months The number of building permits issued rose 1.2% in May, after a nosedive of 36.5% in April, while the increase in May surface and volume was more pronounced at 10.2%, according to the statistics authority ELSTAT. This is the first positive reading since November 2013, when building permits soared 36.2%. Following the positive performance in May, the 5month figure of building permits showed a drop of 22.6%, slower than the 27.8% posted in the 4-month period. The decline in 5-month surface and volume was smaller, at -16.9 and -10.7%, respectively. The 12-month trailing contraction displayed a broadly similar pattern with that of the 5-month with building permits, surface and volume retreating by 16.9, 14 and 10.8%, respectively. The geographical breakdown of May building permits showed West Macedonia and the Ionian Islands posted the highest rise at 51.4 and 52.4%, respectively. By contrast, Thessalia and the Attica region (greater Athens) recorded the highest drop in May, at 17.3 and 10.4%, respectively. Building activity is among the sectors mostly hit by the crisis. The number of building permits plunged to 16,400 in 2013 from 65,500 in 2008, a cumulative drop of 75% that is three times higher than the GDP contraction over the same period. Housing loans, which are indirectly related to building activity, stood at EUR 70.6 bln at the end of June showing a cumulative decline of 13.2% from the peak recorded in August 2010. In addition, non-performing housing loans reached EUR 25 bln in Q1 2014 indicating a heightened threat for the sector as well as the domestic economy and society. Apartment prices dropped 7.3% in Q2 2014, while the cumulative nosedive stands at 36.3% from the peak posted in Q3 2008. The continued negative movement for the 22nd consecutive quarter reflects the ongoing recession, lack of credit demand and increased tax burden on real estate property. The Foundation for Economic and Industrial Research’s (IOBE) indicator of confidence in the construction business eased by 0.1 points to 84.1 points in July. The monthly movement reflects a drop in private construction by 9 points and a 2.2 points increase in the public works’ construction confidence.

August 13 - 26, 2014

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Many investors don’t know the market is rising By Douglas A. McIntyre It is hard to miss the recent advance in the stock markets. After a spike higher in 2013, the S&P 500 is up another 17% over the past year. However, many investors are unaware of the improvement. According to a new poll from Gallup, “Fewer than one in 10 aware that stocks averaged 30% increase in 2013.” The ignorance is demonstrated by the investment decisions many of these people make. Gallup reports: “Amid a strong bull market that drove the S&P 500 up 30% in 2013 and has continued to produce gains, fewer than half of U.S. investors - 41% - say that if given an additional $10,000 to save or invest, they would put it in the stock market. Just over a third, 36%, would hold it in cash, while 20% say they would purchase a CD with it.” Cash does not yield any returns, and CDs do not do much better. The reason for the trend is linked mostly to anxiety, which in turn has blocked many people from improving their financial standing considerably. In the same Gallup report

researchers write: “The cautiousness seen in investors’ choices of where to put a spare $10,000 is mirrored in a separate question asking investors how they feel about investing their own money in the market. Nearly half describe themselves as extremely or somewhat nervous about doing this; another 38% are a little nervous, while just 16% are not nervous at all.” Their nervousness is driven in large part, Gallup reports, because, once again, many people have no idea how much the market surged last year. The research company does not

say exactly why all of these people have not followed the movement of the market. The trend is on the front pages of newspapers and websites with great frequency. Gallup concludes the lack of knowledge about huge market improvements has hurt investor returns. Of course it has, if people are putting money into CDs. Gallup’s summary of the effects: “This raises important questions about investors’ ability to accurately assess market risk, and therefore to take advantage of the market to grow their wealth. It is exemplified by the finding that so many investors would opt to park an additional $10,000 in cash or CDs - where they are virtually guaranteed no meaningful growth - rather than invest it in stocks. Investing in stocks is certainly not appropriate for everyone, in every circumstance; but making wise financial decisions requires some basic market knowledge. The good news is that investors by and large recognise that their financial knowledge is limited, and believe they need professional advice.” Professional advice they apparently have not been seeking. (Source: 24/7 Wall St.com)

Argentina’s Griesafault By Joseph E. Stiglitz and Martin Guzman

On July 30, Argentina’s creditors did not receive their semiannual payment on the bonds that were restructured after the country’s last default in 2001. Argentina had deposited $539 mln in the Bank of New York Mellon a few days before. But the bank could not transfer the funds to the creditors: US federal judge Thomas Griesa had ordered that Argentina could not pay the creditors who had accepted its restructuring until it fully paid – including past interest – those who had rejected it. It was the first time in history that a country was willing and able to pay its creditors, but was blocked by a judge from doing so. The media called it a default by Argentina, but the Twitter hashtag #Griesafault was much more accurate. Argentina has fulfilled its obligations to its citizens and to the creditors who accepted its restructuring. Griesa’s ruling, however, encourages usurious behavior, threatens the functioning of international financial markets, and defies a basic tenet of modern capitalism: insolvent debtors need a fresh start. Sovereign defaults are common events with many causes. For Argentina, the path to its 2001 default started with the ballooning of its sovereign debt in the 1990s, which occurred alongside neoliberal “Washington Consensus” economic reforms that creditors believed would enrich the country. The experiment failed, and the country suffered a deep economic and social crisis, with a recession that lasted from 1998 to 2002. By the end, a record-high 57.5% of Argentinians were in poverty, and the unemployment rate skyrocketed to 20.8%. Argentina restructured its debt in two rounds of negotiations, in 2005 and 2010. More than 92% of creditors accepted the new deal, and received exchanged bonds and GDP-indexed bonds. It worked out well for both Argentina and those who accepted the restructuring. The economy soared, so the GDP-indexed bonds paid off handsomely. But so-called vulture investors saw an opportunity to make even larger profits. The vultures were neither longterm investors in Argentina nor the optimists who believed that Washington Consensus policies would work. They were simply speculators who swooped in after the 2001 default and bought up bonds for a fraction of their face value from panicky investors. They then sued Argentina to obtain 100% of that value. NML Capital, a subsidiary of the hedge fund Elliot Management, headed by Paul Singer, spent $48 million on bonds in 2008; thanks to Griesa’s

ruling, NML Capital should now receive $832 million – a return of more than 1,600%. The figures are so high in part because the vultures seek to earn past interest, which, for some securities, includes a country-risk premium – the higher interest rate offered when they were issued to offset the larger perceived probability of default. Griesa found that this was reasonable. Economically, though, it makes no sense. When a country pays a risk premium on its debt, it means that default is a possibility. But if a court rules that a country always must repay the debt, there is no default risk to be compensated. Repayment on Griesa’s terms would devastate Argentina’s economy. NML Capital and the other vultures comprise just 1% of the creditors, but would receive a total of $1.5 bln. Other holdouts (6.6% of total creditors) would receive $15 bln. And, because the debt restructuring stipulated that all of the creditors who accepted it could demand the same terms as holdouts receive, Argentina might be on the hook for $140 bln more. Every Argentine might thus owe more than $3,500 – more than one-third of average annual per capita income. In the United States, applying the equivalent proportion would mean forcing every citizen to pay roughly $20,000 – all to line the pockets of some billionaires, intent on wringing the country dry. What’s more, the existence of credit default swaps creates the possibility of further gains for the vultures. A CDS insures against a default, paying off if the bonds do not. They can yield substantial returns, regardless of whether the bonds are repaid – thus reducing their holders’ incentive to achieve an agreement.

In the run-up to July 30, the vultures conducted a scare campaign. A second default in 13 years would be a big setback for Argentina, they claimed, threatening the country’s fragile economy. But all of this presumed that financial markets would not distinguish between a default and a Griesafault. Fortunately, they did: Interest rates for different categories of Argentine corporate loans have not reacted to the event. In fact, borrowing costs on July 30 were lower than the average for the whole year. Ultimately, though, the Griesafault will carry a high price – less for Argentina than for the global economy and countries needing access to foreign financing. America will suffer, too. Its courts have been a travesty: As one observer pointed out, it was clear that Griesa never really fathomed the issue’s complexity. The US financial system, already practiced at exploiting poor Americans, has extended its efforts globally. Sovereign borrowers will not – and should not – trust the fairness and competence of the US judiciary. The market for issuance of such bonds will move elsewhere.

Joseph E. Stiglitz, a Nobel laureate in economics, \is University Professor at Columbia University. His most recent book, co-authored with Bruce Greenwald, is Creating a Learning Society: A New Approach to Growth, Development, and Social Progress. Martin Guzman is a postdoctoral research fellow at the Department of Economics and Finance at Columbia University Business School. © Project Syndicate, 2014, www.project-syndicate.org